Lagos Offers Tech Start-ups N250m Seed Capital

Image

By Modupe Gbadeyanka

In line with its vision to achieve a Smart City, the Lagos State government under the leadership of Governor Babajide Sanwo-Olu, has approved the sum of N250 million seed capital for technology and innovation, tech start-ups and young innovators.

The fund is meant to assist those in the Information and Communications Technology (ICT) industry push their entrepreneurial skills to the next level. It was also stated that the capital will help in conducting researches that would solve issues of national significance.

Mr Sanwo-Olu, speaking on Thursday during the launch of the Lagos State Science Research and Innovation Council (LASRIC), further announced that another $687,000 start-up funds has been set aside for investment in research and development of tech-focused solutions across the six pillars of his administration’s development agenda.

The said the establishment of LASRIC, to be chaired by the Vice Chancellor of the University of Lagos (UNILAG), Prof. Oluwatoyin Ogundipe, as well as the innovation funds, officially begins the process of implementing strategies that would help in the realisation of the Smart City initiative of the state.

He said, “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.”

Besides, the Governor also launched Open Government Initiative, Innovation Master Plan and Lagos State Solution Hub to further drive synergy between policymakers in the public sector and innovators in the private sector.

While the Solution Hub is aimed at democratising access to state actors and serving as the first point of call for innovators, solutions providers and innovators on marketing their solutions, the Innovation Master Plan would be focusing on implementation of policies in four critical areas to unleash a culture of problem solving.

Mr Sanwo-Olu said the master plan would be addressing the challenge of access to data and funding for innovations, adding that the plan would also bring about provision of faster Internet broadband that would catalyse talent development.

“Our Open Government Initiative is focused on data access, which is seen as critical for the building blocks of a solutions culture. Open data promotes inclusiveness, participation and more fit-for-purpose solutions. The Open Government initiative has kicked off and we will be communicating subsequent milestones with the public soon,” he said at the Art of Technology (AOT) Lagos 1.0 conference organised by the Office of the Governor’s Special Adviser on Innovation and Technology.

The Governor urged the participants and investors at the event held at Oriental Hotel on Victoria Island, with the theme Bridging the Gap, to leverage on the opportunities provided by the event to synergise and network with other innovators towards develop life changing software that would transform healthcare, agro-business, transportation, food security, housing and education in Lagos.

“It is our goal to foster the gains achieved by the Art of Technology 1.0 to enhance and empower the residents and investors in Lagos,” Mr Sanwo-Olu said.

Convener and Special Adviser to the Governor on Innovation and Technology, Mr Olatunbosun Alake, said the event had the objective to bridge the gap between governance and innovation.

He said the Government and private sector could no longer afford to work in silos, stressing that the public and private sectors must co-create to key into the future.He added that outcomes of the event would bring about enabling policies that would empower Lagos Government to build a sustainable tech and innovation industry.

Also, Commissioner for Science and Technology, Mr Hakeem Fahm, observed that Lagos Government had started to look into the future by “thinking Smart” and using technology as an enabler to realise Smart City status.

The conference also featured panels of discussion with themes focusing on leveraging technology and innovation to providing solutions and services in key sectors of the state’s economy.

Share
Related Stories
Image
29-February-2024

MainOne Stretches Submarine Cable to Akwa Ibom

By Modupe Gbadeyanka A submarine cable spanning 45,000km in length known as 2Africa has been landed in Akwa Ibom State by MainOne, an Equinix company. It is one of the world’s largest subsea cable projects and will interconnect Europe, Asia, and Africa, with a design capacity of up to 180Tbps. The cable is the first and only submarine cable system in Nigeria outside of Lagos, and it marks a significant milestone in enhancing broadband connectivity and driving economic development in the South-South, South-East and North-Central regions of Nigeria. The significance of 2Africa lies in its capacity to address critical internet

Image
28-February-2024

Experts to Discuss Rural Telephony, Green Energy Challenges at WATISE 2024

By Modupe Gbadeyanka The second edition of the West Africa Telecoms Summit and Exhibition (WATISE) slated for April 18, 2024, in Lagos will provide an avenue for stakeholders to tackle infrastructure funding challenges for rural telephony and green energy. The event, organised by TechnologyMirror, an ICT and Telecoms news cum information website, is themed Shaping the Future of the Telecoms Infrastructure Industry: Trends and Insights for a Digital Economy. According to the convener of WATISE, Mr Isaiah Erhiawarien, this year, the focus will be on the digital economy, the challenges of funding for the industry with particular reference to rural

Image
14-February-2024

FG, World Bank Target $3bn to Expand Fibre Optic Cables in Nigeria

By Adedapo Adesanya The federal government and the World Bank are targeting $3 billion to fund an additional 120,000km of fibre optic cables to leapfrog broadband infrastructure and connectivity in Nigeria by 2027. The Minister of Communications, Innovations and Digital Economy, Mr Bosun Tijani, said this while speaking in Abuja on Tuesday at a stakeholders’ engagement with the theme Realising a Nigerian Vision of Broadband for All. Mr Tijani expressed hope that the funds would be raised in the next two or three years, noting that it has become imperative to seek investments in the nation’s digital backbone to facilitate

Image
09-February-2024

Stakeholders Explore AI in Cybersecurity at Tek Experts C-Suite Forum

By Adedapo Adesanya Cytek Security, the sister company of Tek Experts, a leading provider of tech talent solutions, recently hosted its inaugural c-suite roundtable, bringing together industry leaders across financial services, tech, and consulting sectors to explore the evolving landscape of cybersecurity and the critical role of artificial intelligence (AI) in bolstering defences in today’s world. This is part of efforts by Tek Experts and Cytek Security to foster knowledge-sharing initiatives in the industry while innovating to adapt to the evolving cybersecurity landscape in Nigeria. At the event themed Beyond Automation – Unleashing the Strategic Power of AI for Cybersecurity,

More Stories
Image
13-September-2017

Tunde Fowler Joins United Nations Tax Committee

By Dipo Olowookere Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr Tunde Fowler, has been appointed as member of the International Experts Committee on Tax Matters. Mr Fowler was appointed by the United Nations Secretary-General, Mr Antonio Guteress, and his appointment was conveyed by the Minister Plenipotentiary of Nigeria Permanent Mission, New York, Mr Bolaji Akinremi, in a mail to the FIRS. Fowler, who is also the chairman of the African Tax Administration Forum, and the Joint Tax Board, was the chairman of the Lagos Internal Revenue Service. His inauguration as member of the global tax committee will

Image
13-October-2017

Unleashed Software Secures $7m Investment Support

By Modupe Gbadeyanka Auckland-based inventory management Software-as-a-Service (SaaS) provider, Unleashed Software, has announced a Series C investment of NZ$7.0 million from Movac, New Zealand’s largest and most experienced technology investment company. Of the recent investment success, CEO of Unleashed Software Gareth Berry comments: “We have been building our core product and markets for eight years now and the markets around the globe are really starting to embrace cloud based applications. We can see the amazing traction for ‘best in class’ systems like Unleashed being adopted around the globe now, and we are truly grateful to be the system of record

Image
25-April-2017

Sokoto Skill Acquisition Scheme Graduates Another 350 Trainees

By Dipo Olowookere The skills acquisition programme organised by the Sokoto State government under its citizens’ empowerment initiative has produced an additional 350 graduands. Speaking at the graduation of the last batch of 132 trainees at the Wamakko Training Centre at the weekend, Governor Aminu Waziri Tambuwal said the overall objective of his administration is to improve the lives of the citizenry by making them self-reliant. The programme, coordinated by the state Ministry of Women and Children Affairs, followed the recent graduation of 2000 women from another empowerment initiative meant to enhance job creation and tackle poverty. Governor Tambuwal said

Image
21-September-2022

PecanTrust Disburses N5bn Loans to Customers in Six Years

By Aduragbemi Omiyale The fast-growing financial institution, PecanTrust Microfinance Bank, has disbursed loans worth N5 billion to customers in six years. The lender started operations six years ago after it received a licence from the Central Bank of Nigeria (CBN) to operate as a financial institution saddled with the responsibility of giving loans to Nigerians. Since it received this authority to operate as a microfinance bank, PecanTrust has focused on alleviating poverty by providing access to finance for affordable social infrastructure services, including healthcare, education and housing as well as prioritising women-led businesses. In this period, the lender has remained

Image
08-August-2018

Diamond Bank May Conclude Sale of UK Subsidiary Soon

By Dipo Olowookere Chief Executive Officer (CEO) of Diamond Bank Plc, Mr Uzoma Dozie, has disclosed that the mid-tier lender is expected to conclude the sale of its subsidiary in the United Kingdom before the end of this year. According to the bank chief, the exercise is still under the change of ownership process. Recall that earlier this year, Diamond Bank Plc struck a deal with British industrialist, Mr Sanjeev Gupta, after selling its West African subsidiaries last year. According to Reuters, the financial institution expects loans to grow 5 percent by the end of the year after credit declined

Image
04-September-2020

Banks’ Earnings Reports Push Nigerian Stocks Higher by 0.20%

By Dipo Olowookere Transactions on the floor of the Nigerian Stock Exchange (NSE) were bullish on Thursday following the encouraging half-year earnings of the big banks at the market. The trailblazing was started by Stanbic IBTC Holdings and was followed by UBA, GTBank and Zenith Bank and their positive results pushed investors to buy more stocks, helping the market to rise by 0.20 per cent at the close of business. Consequently, the All-Share Index (ASI) increased by 51.02 points to 25,511.02 points from 25,460.00 points, while the market capitalisation grew by N27 billion to N13.309 trillion from N13.282 trillion. Business

Image
19-June-2023

SEC Authorises Sovereign Trust Insurance’s N1.42bn Rights Issue

By Dipo Olowookere The Securities and Exchange Commission (SEC) has given the board of Sovereign Trust Insurance (STI) permission to raise N1.42 billion from rights issue. The insurance firm intends to source N1.42 from investors of the company through the sale of 2,841,116,504 stocks at 50 Kobo each. The equities would be issued to shareholders on the basis of one new ordinary share for every four ordinary shares held as of July 22, 2022. The underwriting company had earlier informed the investing public of its intention to carry out the rights issue, which is one of the means to raise

Image
01-May-2023

SERAP Sues INEC Over Failure to Probe Governorship Polls

By Adedapo Adesanya Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Independent National Electoral Commission (INEC) over the failure to investigate allegations of electoral violence and other electoral offences during the governorship polls in March 2023. The suit was filed on behalf of SERAP by its lawyers, Mr Kolawole Oluwadare, Mr Andrew Nwankwo, and Ms Blessing Ogwuche. According to several reports, the recently concluded presidential and national assembly elections and governorship elections in some states witnessed widespread reports of voter suppression, voter intimidation, and the destruction or theft of election materials by political party agents and

Ad
Ad
Recent Stories
Image
03-March-2024

Dangote Cement’s African Subsidiaries Contribute 41.2% to FY 2023 Sales

By Dipo Olowookere Dangote Cement Plc has revealed that sales from its factories outside Nigeria, its base, improved in the 2023 fiscal year by 12.7 per cent, contributing about 41.2 per cent to its total volume for the period under review, with its Nigerian operations accounting for the rest. In its audited financial statements for the year ended December 31, 2023, filed to the Nigerian Exchange (NGX) Limited, the cement maker said revenue generated from its pan-African operations increased by a record 123.2 percent to N925.9 billion, while EBITDA surged by over four-fold to N263.7 billion. Business Post reports that

Image
03-March-2024

Nigeria Pays N1trn Monthly Subsidy to Keep Petrol at N650/Litre

By Aduragbemi Omiyale Despite the federal government claiming it has stopped the payment of subsidies on premium motor spirit (PMS), well-known as petrol, more people are countering this. Recall that a few weeks ago, the International Monetary Fund (IMF) said the government had returned fuel subsidies through the backdoor and kept Nigerians in the dark about this. It then advised the government of President Bola Tinubu, which announced an end to it on May 29, 2023, to completely stop the payment as it was increasing his administration’s fiscal deficit. The global lender, in a report released last month, said the

Image
02-March-2024

JUST IN: Nollywood Star Mr Ibu Dies

By Modupe Gbadeyanka Information just reaching Business Post indicates that popular Nigerian actor, Mr John Okafor, otherwise known as Mr Ibu, is dead. It was gathered that the Nollywood star breathed his last on Saturday in a hospital in Lagos. His demise comes a day after the Nigeria film industry lost an actor, Mr Tolani Quadri Oyebamiji, well-known as Sisi Quadri. Mr Ibu underwent a surgery, which led to the amputation of one of his legs. He was later discharged from the hospital, but was reportedly taken back. Until his death, he acted in several movies. He was well known

Image
02-March-2024

African Bishops Seek Overhaul of Financial System as Debt Burden Worsens

African Catholic Bishops called for an overhaul of the financial system to address health, climate, food and other challenges the region faces. Ahead of a gathering of African Finance Ministers in Victoria Falls, Zimbabwe, the Justice, Peace and Development Commission of the Catholic Symposium of Episcopal Conferences of Africa and Madagascar (SECAM) outlined reforms for debt relief, development resources and governance. “In Sub-Saharan Africa the number of people facing food insecurity stress or crisis has more than doubled since 2019, reaching 420 million people last year,” noted the bishops in a statement. A delegation representing the African Bishops and religious

Image
02-March-2024

MTF Class of 2023 to Premiere Her Dark Past, Grown

By Modupe Gbadeyanka Two feature films will be premiered this weekend exclusively on the Africa Magic Showcase channel 151 and Africa Magic Urban channel 153 by the students of the MultiChoice Talent Factory (MTF). The two pieces of art titled Grown and Her Dark Past are the final projects of the MTF Class of 2023 students, a statement from the organisation said. The MTF is a leading film school in West Africa for young, talented and passionate filmmakers. It was established by the media platform to grow the region’s creative industry. Grown premieres on Africa Magic Showcase at 8.30 pm

Image
02-March-2024

Mandela’s Heirs Lose Power in South Africa

By Alexander Braterskiy South African authorities warn that if the opposition wins the parliamentary elections, the country may change course and leave the informal BRICS economic bloc, which includes Russia. The position of the African National Congress party, which has been in power since the collapse of apartheid, is indeed not the best, as shown by the municipal elections held earlier in the country. The opposition accuses the president of corruption and abuse of power, as well as an inability to cope with the country’s energy crisis. The ANC crisis occurred on the 30th anniversary of the first free elections

Image
02-March-2024

CAA Reaffirms Commitment to Climate Innovation for Sustainable Future

By Modupe Gbadeyanka A leading social enterprise focused on environmental sustainability, Climate Action Africa (CAA), has reaffirmed its commitment to being at the forefront of driving climate innovation for a sustainable future. The organization, which is a key participant at the four-day Omniverse Summit 2024 in Lagos, emphasised the need to integrate environmental sustainability models, technology, and community-driven innovation to address climate change challenges. It promised to foster an inclusive climate action ecosystem through innovation, which it said can be used to identify and scale solutions to address the imminent climate crisis in Nigeria and Africa as a whole, The

Image
02-March-2024

Endosurvivors Foundation Set For Another Endometriosis Awareness

By Adedapo Adesanya EndoSurvivors International Foundation (ESIF), an NGO championing endometriosis awareness in Nigeria, has announced its upcoming events in commemoration of the Global Endometriosis Advocacy Month in March, fondly tagged March4Endo by advocates all over the world.  Endometriosis is a chronic and inflammatory condition that affects approximately 1 in 10 girls and women in Nigeria and on a global scale. This sums up to about 190 million affected girls/women around the world, about the population of Nigeria in 2018.  The World Health Organisation (WHO) recognizes that endometriosis has significant social, public health, and economic implications leading to a decrease

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of