Lagos Disburses Over N500m to 40 Tech Startups, says Sanwo-Olu

In a recent budget speech presenting Lagos State 2024 budget to the House of Assembly, Governor Babajide Sanwo-Olu revealed that the state had invested over N500 million in the local tech ecosystem.

As he disclosed the Lagos State 2024 Budget, the governor stated that his administration, through the Lagos State Science Research and Innovation Council (LASRIC), has disbursed this fund to more than 40 tech startups in the state, aiming to support them in attaining scalability.

Governor Sanwo-Olu emphasised that these disbursements have resulted in the creation of innovative solutions to address the challenges faced by the state. Notably, he highlighted the success story of LagRide, an initiative born out of a startup that secured second place in the inaugural Transportation Hackathon challenge launched by the state in 2019.

The governor showcased the impact of such investments by pointing out that the Lagos Cowry Card, akin to the UK’s Oyster card, which is usable across BRT, Ferry, and Train services, was developed by Touch and Pay Technologies, a startup run by young entrepreneurs who benefited from the support.

Highlighting further initiatives, Governor Sanwo-Olu mentioned the empowerment of over 350 young technology entrepreneurs through the Lagos Innovates Voucher Program. This program provides access to essential resources such as electricity, internet services, and other benefits through partner hubs.

As part of the broader effort to nurture the startup ecosystem, the governor introduced Startup Lagos, a government-run information portal facilitating investor exchanges and disseminating vital news and opportunities for both investors and innovators. Currently hosting a database of more than 3,000 startups, Startup Lagos aims to contribute to the growth of successful startups in the region.

In addition to startup support, the Lagos State government is making substantial investments in technology infrastructure. Governor Sanwo-Olu highlighted the ongoing Metro Fibre Project, connecting over 100 public schools, hospitals, offices, and other facilities to a fiber network. The first phase of the project, covering 3,000km, is nearing completion, with the second phase scheduled to commence in 2024.

The governor also noted various technology initiatives, including the Live Camera Update (LCU) Project, Automatic Number Plate Recognition (ANPR) Cameras, Command and Control Centre for the state waterways (Search and Rescue), and the Lagos Rail Mass Transit Project.

These initiatives contribute to enhanced security, proactive responses to traffic issues, and improved overall governance through the Digital Cabinet Dashboard—an application digitizing public data for informed decision-making within the government.