The Lagos State Government, on Thursday, earmarked N250 million seed capital for technology and innovation, tech start-ups and young innovators in the State.
The development was announced by Governor Babajide Sanwo-Olu when he launched the Lagos State Science Research and Innovation Council (LASRIC) at the on-going Art of Technology (AOT) Lagos 1.0 conference organised by the Office of the Governor’s Special Adviser on Innovation and Technology.
The Governor said the establishment of the Council and innovation funds officially began the process of implementing strategies that would help in the realisation of the Smart City initiative of the State.
“The innovation funds would also be directed to support Information and Communication Technology (ICT) research focusing on solving issues of national significance.
“There is no gainsaying the fact that any society that wants to be reckoned with on the global stage must be grounded in the application of technology to growth and development. It is gratifying to note that the world has accepted that Lagos as the Silicon Valley of Africa with major investments by Microsoft and Google in the Ikeja-based Computer Village and emerging tech hubs, which have served as launch pads for the digital careers of numerous youths in software development.
“To further expand the opportunities, we are immediately earmarking seed capital of N250 million into Lagos State Science Research and Innovation Council to be accessed by tech entrepreneurs and software developers in innovation ecosystem for them to create various solutions from artificial intelligence to robotics, to health informatics and green energy,” Sanwo-Olu stated.