Governor Babajide Sanwo-Olu – Tech | Business | Economy https://techeconomy.ng Tech | Business | Economy Mon, 10 Mar 2025 08:52:20 +0000 en-GB hourly 1 https://wordpress.org/?v=7.0 https://techeconomy.ng/wp-content/uploads/2025/06/cropped-256Px-32x32.png Governor Babajide Sanwo-Olu – Tech | Business | Economy https://techeconomy.ng 32 32 Lagos to Premiere Africa’s First Tech, AI-Themed Feature Film, Makemation https://techeconomy.ng/lagos-premiere-africa-first-tech-ai-themed-feature-film-makemation/ https://techeconomy.ng/lagos-premiere-africa-first-tech-ai-themed-feature-film-makemation/#comments Mon, 10 Mar 2025 08:52:20 +0000 https://techeconomy.ng/?p=154550 Lagos State Governor Babajide Sanwo-Olu has revealed the release of Makemation, Africa’s first feature film centred on technology and artificial intelligence. 

The Nollywood production is scheduled to hit cinemas nationwide from April 18, 2025, during the Easter weekend.

The governor stressed his administration’s focus on ensuring creativity and innovation in the state’s film and entertainment industry. “We have consistently prioritised the growth of our creative industry and believe that fostering creativity and innovation is crucial for our state’s development. By supporting initiatives like this, we aim to promote our talented filmmakers and artists while showcasing technology’s immense potential in storytelling,” Sanwo-Olu stated.

Makemation explores the combination of artificial intelligence and real life, tackling themes such as STEM education, financial literacy, digital skills, and gender equality. 

Producer Akerele-Ogunsiji described the film as a solid attempt to inspire young Nigerians to look beyond just consuming technology to actively developing it.

Viewers will see young people designing bras that detect breast cancer. We must move beyond consuming innovation and start building our own. Nigerian films should showcase our indigenous innovations. This film is for the future. Success isn’t reserved for a select few,” she said.

The movie’s cast includes Richard Mofe-Damijo, Tony Umez, Shaffy Bello, Ibrahim Chatta, Toyin Afolayan, and Ali Nuhu. It blends research, pop culture, and high-stakes storytelling with AI-driven themes.

Government’s Investment in Creative Talent and Digital Innovation

Lagos State Commissioner for Tourism, Arts, and Culture, Toke Benson-Awoyinka, noted the state government’s sustained steps to empower creatives over the past six years. 

She noted that nearly 20,000 young Nigerians have received training in filmmaking, content creation, and other creative fields through partnerships with institutions such as EbonyLife Academy, Gidi Creatives, AMA Creative Academy, and Delyork Academy.

Beyond skills development, the government has provided financial support to filmmakers, ensuring that Nollywood productions can compete on the global stage. “By investing in local storytelling, we ensure our narratives reach global audiences while creating jobs within the industry,” Benson-Awoyinka stated.

She also stressed Lagos’ movement into digital innovation, pointing to a recent visit to San Francisco to engage with tech entrepreneur Ghazi Shami. “Our visit to San Francisco to engage with tech entrepreneur Ghazi Shami was a strategic step toward fostering strong digital partnerships. We aim to build a globally competitive workforce ready to dominate the creative economy,” she added.

Ali Nuhu, who is a big part of the film and also serves as managing director of the Nigerian Film Corporation, praised the Lagos State government’s support for the industry. “As part of the cast, I am excited about this project. The governor’s support is commendable. We now need the media’s backing to create buzz around this innovation,” he said.

Microsoft’s Country Manager, Olatomiwa Williams, stressed the importance of building young Nigerians with responsible AI skills and called for collaborative efforts between the government, tech hubs, schools, and private organisations to drive AI education. “This initiative is inspiring. With government support, we must focus on educating Nigerians on responsible AI use,” she stated.

Oluwadamilare Art Alade, co-founder of Livespot360, highlighted AI’s part in preserving African culture and history. He emphasised that technological innovation should be harnessed not only for entertainment but also for cultural preservation.

Makemation is a huge step forward for Nollywood, blending artificial intelligence, social themes, and entertainment in a way that has never been done before in African cinema. 

With Nigeria growing in digital innovation and the creative economy, this film will help bolster the country’s growing influence in both sectors.

With support from the Lagos State government, tech giants, and industry veterans, Makemation is expected to bring in new conversations around AI, digital transformation, and the future of Nollywood on the global stage.

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No More Remote Work: Lagos Government Orders Full Resumption for Public Servants https://techeconomy.ng/no-more-remote-work-lagos-government/ https://techeconomy.ng/no-more-remote-work-lagos-government/#respond Wed, 12 Feb 2025 07:12:37 +0000 https://techeconomy.ng/?p=152957 The Lagos State Government has officially ended its remote work policy for public servants, which was introduced earlier in the year to address the economic challenges following the removal of the petrol subsidy.

In a statement issued by the Head of Service, Mr Bode Agoro, it was confirmed that the work-from-home initiative would be discontinued effective March 31, 2025. 

The decision aligns with the recent implementation of a new minimum wage for civil servants and the government’s vision to enhance public service delivery.

The policy, which had been in effect since February 2024, allowed civil servants in Grade Levels 01 to 14 to work from home for two days a week, while those in Grade Levels 15 to 17 had the option of one remote workday per week. 

The measure was introduced to ease the financial stress on workers due to increased transportation costs, a direct consequence of the fuel subsidy removal.

According to Mr Agoro, the scrapping of the remote work initiative is in line with Lagos State Governor Babajide Sanwo-Olu’s approval of an N85,000 minimum wage for public servants, a policy aimed at improving workers’ welfare. Agoro stated, “It is hereby notified for general information that the governor has approved the cancellation of the work-from-home initiative in the Lagos State Public Service.”

Public servants have now been urged to return to full-time, on-site work in order to boost service delivery across various government ministries and agencies. Agoro further stressed that all public servants should “rededicate themselves to their duties and ensure improved service delivery across Ministries, Departments, and Agencies.

Public servants, who have been adjusting to the remote work schedule are not pleased with the decision. However, the state government says that the end of the policy, alongside new welfare initiatives, will further improve productivity and service efficiency within Lagos’ public sector.

Aiming to ensure the message reaches all concerned, Mr. Agoro also instructed Accounting Officers to give wide publicity to the cancellation within their respective departments.

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#FuelPriceHike: Lagos Govt Extend Work From Home Policy For Another 3 Months Due to Fuel Price Hike https://techeconomy.ng/lagos-govt-extend-work-from-home-policy-for-another-3-months-due-to-fuel-price-hike/ https://techeconomy.ng/lagos-govt-extend-work-from-home-policy-for-another-3-months-due-to-fuel-price-hike/#respond Sat, 07 Sep 2024 15:31:16 +0000 https://techeconomy.ng/?p=142596 The Lagos State Government has directed its workers to work from home for the next three months due to the recent hike in fuel prices. The directive, which was contained in a circular signed by Bode Agoro, the state Head of Service, on Wednesday, is aimed at alleviating the hardship caused by the fuel price increase.

According to the circular, workers on grade levels 01 to 14 are expected to work from home for two days a week, while those on grade levels 15 to 17 will work from home for one day a week. The policy takes effect from September 4 and is expected to last for three months.

Earlier, Governor Babajide Sanwo-Olu had introduced the work-from-home policy in February, and has now extended it due to the ongoing fuel price hike. The government hopes that this measure will reduce the financial burden on workers and increase productivity.

The fuel prices have continued to rise steadily. By August 2023, it reached N626.70 and continued to fluctuate, surmounting N668.3 in January 2024 and N770.54 in July 2024. As of September 2024, it has increased again to a staggering N897 per litre, which greatly worsens the situation for many Nigerians.

Meanwhile, Experts have said said the commencement of fuel production by the Dangote refinery will strengthen the nation’s economy by eliminating constant shortages, which accounts for fuel scarcity, boost foreign reserves and check unfavourable foreign exchange differences in favour of Nigeria’s naira.

Petrol produced from the 650,000 barrels per day Dangote refinery is expected to hit filling stations in the next 48 hours as modalities with the Nigerian National Petroleum Company Limited (NNPCL)have been formalised.

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#EndBadGovernanceInNigeria Protests Hit Lagos Despite Governor’s Plea https://techeconomy.ng/endbadgovernanceinnigeria-protests-hit-lagos-despite-governors-plea/ https://techeconomy.ng/endbadgovernanceinnigeria-protests-hit-lagos-despite-governors-plea/#respond Thu, 01 Aug 2024 10:57:27 +0000 https://techeconomy.ng/?p=138670 The #EndBadGovernanceInNigeria Protests erupted today as citizens stormed the streets to voice out their frustrations over hunger and high living costs.

This protest comes despite appeals from government officials, including Lagos State Governor Babajide Sanwo-Olu, who has called for patience and dialogue in addressing the nation’s challenges.

In a statement delivered yesterday, Governor Sanwo-Olu urged Lagosians to consider the broader implications of the protests, reflecting on the events of the #EndSARS movement in 2020. 

He warned that while protests may begin peacefully, they are vulnerable to being hijacked by elements with “devilish intentions,” potentially leading to chaos and destruction.

Is protest the practical catalyst for progress the nation requires at this time?” Governor Sanwo-Olu asked. “Will such a protest suddenly ensure that all of our challenges disappear in ten days?” 

He stated that economic reforms currently underway require time to yield results, and he cautioned against allowing protests to disrupt the modest gains already achieved.

Sanwo-Olu highlighted recent government initiatives, including President Bola Tinubu’s signing of a new minimum wage law and the disbursement of student loans aimed at alleviating financial burdens. He also noted the financial autonomy granted to local governments and efforts to stabilise the foreign exchange crisis as signs of progress.

We need patience for the benefits of these economic reforms to blossom,” Sanwo-Olu said. “Protests can’t achieve in days what economic reforms can in weeks and months. Our nation, under President Tinubu’s courageous leadership, is on the right path.”

To mitigate the impact of economic reforms, Sanwo-Olu outlined Lagos-specific programs under the EKOCARES initiative. These include reduced transportation costs, free medical care, and increased bursaries and scholarships for students. He reassured Lagosians that the government is committed to improving living standards.

Reflecting on the destructive aftermath of the 2020 protests, Sanwo-Olu recounted the damage to essential infrastructure, including the Lagos High Court and numerous police stations. “No true Lagosian or friend of Lagos will encourage us to go this route again,” he asserted.

To ensure safety during the current #EndBadGovernanceInNigeria Protests, the governor announced that the Police have designated Gani Fawehinmi Park and Peace Park as official protest venues in Lagos. He encouraged protesters to utilise these secured locations to prevent chaos.

Governor Sanwo-Olu emphasised the importance of dialogue and collaboration in addressing grievances. “Our strength lies in our unity, and our future depends on our collective efforts to maintain peace and stability,” he said, urging citizens to reject violence and disorder.

The focus remains on balancing the right to protest with the need for constructive engagement.

Government officials continue to advocate for a peaceful approach to resolving national issues, hoping to steer the country toward lasting stability and prosperity.

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ATE 2024: Lagos State, Fidelity Bank Pledge Continued Support for Tech Innovation at Africa Expo https://techeconomy.ng/ate-2024-lagos-state-fidelity-bank-pledge-continued-support-for-tech-innovation-at-africa-expo/ https://techeconomy.ng/ate-2024-lagos-state-fidelity-bank-pledge-continued-support-for-tech-innovation-at-africa-expo/#comments Mon, 24 Jun 2024 15:41:14 +0000 https://techeconomy.ng/?p=134884 This weekend, the Africa Technology Expo, (ATE 2024) sponsored by MTN Nigeria and Fidelity Bank, showcased the innovation and competitiveness of African startups. 

The event was an avenue for African businesses to display their creativity and gain opportunities in the competitive tech industry.

Olatubosun Alake, Commissioner for Innovation, Science, and Technology in Lagos State, delivered a keynote speech on behalf of the State Governor Babajide Sanwo-Olu. Alake highlighted the commendable support Lagos State has provided to the technology and innovation industries, acknowledging the role of tech startups in driving economic growth and social development.

ATE 2024 Lagos State, Fidelity Bank Pledge Continued Support for Tech Innovation at Africa Expo
Olatubosun Alake, Commissioner for Innovation, Science, and Technology in Lagos State, representing Governor Babajide Sanwo-Olu at ATE 2024

“This event celebrates the ingenuity and resilience that defines our people,” Alake said. He detailed the various initiatives by the Lagos State government, including the support of over 60 startups through the Lagos State Science Research and Innovation Council and facilitating investment for more than 30 startups.

Alake also mentioned the state’s efforts to support research and development projects in universities, noting examples such as medical research on jaundice and artificial intelligence for medical imaging. “Our job in government is to de-risk the research and development process to enable new products and services to be created and scaled,” he explained.

Representing the Managing Director and CEO of Fidelity Bank, Dr Nneka Onyeali-Ikpe, OON, the Executive Director and Chief Risk Officer, Kevin Ugwoke, presented another great keynote speech. Ugwoke spoke on Fidelity Bank’s focus on supporting the African startup industry. “Africa leads a rapidly growing tech sector, driven by a young, tech-savvy population and advancements in mobile technology,” he said.

ATE 2024 - Olatubosun Alake, Commissioner for Innovation, Science, and Technology in Lagos State, delivered a keynote speech on behalf of Lagos State Governor Babajide Sanwo-Olu
Executive Director and Chief Risk Officer, Kevin Ugwoke, representing the Managing Director and CEO of Fidelity Bank, Dr Nneka Onyeali-Ikpe, OON at ATE 2024

He highlighted the bank’s initiatives to support micro, small, and medium-scale enterprises (MSMEs), including the VPN Platinum Award 2021 and the Bank’s sponsorship of the Top 100 Fastest Growing SMEs. Ugwoke also mentioned Fidelity Bank’s SME Mentorship Program, designed to facilitate networking and collaboration among entrepreneurs.

“Africa can be the home of emerging economic powerhouses,” Ugwoke asserted, “and Fidelity Bank is dedicated to supporting this potential through strategic partnerships and investments.

Alake congratulated the participants of the Africa Pitch Battlegrounds, selected from a pool of 200 startups, stating, “Your success is a beacon of hope and inspiration. Let us continue to innovate with purpose and build a future where everyone has the opportunity to thrive.”

Giving the welcome address, Nnaemeka Clinton, Chief Innovation Officer of the Africa Technology Expo, pointed to the commendable growth and innovation within the African tech industry. Clinton noted, “From the wider tech landscape of the African continent to the busy hubs of Accra and Lagos, we have witnessed relentless innovation that is shaping our future.” 

He acknowledged the challenges faced by startups, including competition and the need for more support, but stressed the resilience and potential of African tech entrepreneurs.

Clinton encouraged collaboration and the sharing of successes and challenges, stating, “Our collective efforts will not only enhance our capabilities but also address critical issues facing our continent, leading to a more prosperous and inclusive future.” He highlighted the importance of local startups focusing on user experiences and functionality, with the goal of solving social problems in Africa.

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Lagos State to Establish Aviation Unit, Launch Airline https://techeconomy.ng/lagos-state-to-establish-aviation-unit-launch-airline/ https://techeconomy.ng/lagos-state-to-establish-aviation-unit-launch-airline/#comments Wed, 19 Jun 2024 12:49:01 +0000 https://techeconomy.ng/?p=134502 The Lagos State Government (LASG) is preparing to expand its aviation sector, with plans to establish an Aviation Unit within the Ministry of Transportation and subsequently, launch its own airline. 

Outlined in the recently revealed Lagos State Transport Policy, this development will help strengthen the state’s aviation hub in West Africa.

The newly created Aviation Unit will serve as Lagos’ primary platform for overseeing aviation activities. As highlighted in Section 4.11: Air Transport of the policy, Lagos’ growing involvement in aviation necessitates a dedicated body to manage its aviation interests. This unit will focus on three key areas:

  • Policy Implementation: The unit will lead the implementation of aviation-related policies established by the state government. This includes ensuring adherence to regulations and facilitating a safe and efficient aviation environment.
  • Collaboration and Capacity Building: The unit will work collaboratively with the federal government and private sector stakeholders. This could involve joint initiatives, knowledge sharing, and enabling stronger partnerships within the aviation industry.
  • Monitoring and Development: The unit will monitor the impact of aviation activities on Lagos’ economic, social, and environmental development. This data-driven approach will allow the state to assess the effectiveness of aviation strategies and adapt them for long-term benefits.

The Lagos State Transport Policy outlines a two-year timeframe for establishing the Aviation Unit, indicating the government’s commitment to swift implementation.

The policy also sheds light on the proposed Lekki International Airport, an infrastructure project that will enhance the aviation industry of Lagos. The plan involves partnering with the private sector to leverage expertise and resources for the construction and operation of the airport.

The Lekki Airport project is driven by the need to cater to the growing Lekki Peninsula. This area is experiencing a surge in residential, industrial, and tourism development, making air travel connectivity essential for its continued success. 

The policy states that the new airport would be strategically located to serve both Lekki residents and international travellers from nearby states who might find it more convenient than the existing Murtala Muhammed International Airport in Ikeja.

The Lagos State Transport Policy outlines a two-pronged approach for the Lekki Airport project:

  • Private Sector Participation: Within the next two years, the government will promote private sector investment in the financing, construction, and operation of the airport. This Public-Private Partnership (PPP) model is expected to attract huge investment and expedite the project’s timeline.
  • Feasibility Studies: Over the next two to five years, the government will continue conducting feasibility studies to optimize the development plan for the Lekki Airport under a PPP model. This approach will ensure the project’s long-term viability and economic benefits for Lagos State.

News reports from January 2024 revealed the possibility of a Lagos State-owned airline. Governor Babajide Sanwo-Olu reportedly confirmed that the state is finalizing plans for this venture, with discussions ongoing regarding financing models and operational contingencies. 

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Lagosians Shocked by New BRT Fares https://techeconomy.ng/lagosians-shocked-by-new-brt-fares/ https://techeconomy.ng/lagosians-shocked-by-new-brt-fares/#respond Mon, 29 Jan 2024 09:22:49 +0000 https://techeconomy.ng/?p=123732 Most Lagosian woke to the shock of the unsubsidized Bus Rapid Transit (BRT) fares in the wee hours of Monday as they commute to their respective destinations.

According to our correspondent who monitored the development on Abulegba, a sun-rub of Lagos to Oshodi route, the Bus Rapid Transit (BRT) terminal was agog as commuters began to question the rationality behind the increase, in the wake of their new realities.

Our correspondent gathered that as at last week Friday AbuleEgba to Oshodi was around  #417,  but has jacked to #550 this morning. Another regular user of the BRT, who shared her experience with our correspondent said, there was an increase of #300 from the “Igando” area of Lagos Island this Morning (Monday).

Reacting, Mr.  Mutiu Yekeen, the communication manager of Primero Transport Services Ltd, one of the contractors who manage the Bus Rapid Transit (the BRT), told our correspondent that, the Lagos state government through the Lagos Metropolitan Area Transport Authority (LAMATA),  had already informed the public, that  the government’s subsidy on transportation fares aimed at cushioning the removal of petrol subsidy has come to an end.

He said, “We are not incharge of the recent subsidy implemented by the Lagos State Government to cushion the effect of the fuel subsidy, but   prior information was given by  LAMASA and relevant authority which you can contact as well.

Techeconomy had earlier reported that the Lagos State Government, through the Lagos Metropolitan Area Transport Authority (LAMATA), announced the end of the 25% discount on transport fares across the entire Lagos State Public Transport System, starting from Sunday, January 28, 2024.

LAMATA issued a public notice on Friday, January 26, 2024, revealing the discontinuation of the 25-transport fare discount, through its official X (formerly Twitter) account.

Recall that on July 31, Governor Babajide Sanwo-Olu announced the reduction of transport fares of state-owned buses by 50% as well as commercial yellow buses by 25% on all routes as part of efforts to cushion the effect of the removal of the petrol subsidy.

The agency also advised Lagosians to take note of the change and to make the necessary preparations for the resumption of regular transport fare rates that were in place before the adjustment made in December.

In other words, from today, Monday, 29th January 2024, transport fare on regulated services return to 100%.

[Featured Image Credit]

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More Opportunities for Lagos Youth as State Trains 3000 Civil Servants with Digital Skills https://techeconomy.ng/more-opportunities-for-lagos-youth-as-state-trains-3000-civil-servants-with-digital-skills/ https://techeconomy.ng/more-opportunities-for-lagos-youth-as-state-trains-3000-civil-servants-with-digital-skills/#respond Fri, 12 Jan 2024 15:46:16 +0000 https://techeconomy.ng/?p=122558 The Lagos State Government, under the leadership of Governor Babajide Sanwo-Olu, has launched a comprehensive digital training program for 3000 civil servants. 

Set to empower the state’s workforce and fuel the digital aspirations of Nigerian youth, the Lagos digital training, focused on digital literacy, aims to bridge the digital skills gap and provide government employees with the tools they need to excel in their roles and contribute meaningfully to the development of Lagos and Nigeria as a whole.

Reports indicate that only 23% of Nigerians aged 16-64 are proficient in digital literacy. The International Labour Organization estimates that over 85 million jobs worldwide will be displaced by automation between now and 2025, highlighting the increasing demand for digital skills across all sectors. Hence, the inevitability of the State’s new initiative.

Speaking at the opening ceremony of the program, held at the Public Service Staff Development Centre, Magodo, the Honourable Commissioner for Establishment and Training, Afolabi Ayantayo, stressed the government’s dedication to ensuring that civil servants are not just participants in the digital revolution, but leaders. 

He mentioned the key role digital skills play in scaling the growing dynamic world stating, “The need for Civil Servants to be proficient in the realm of digital technology is not just a necessity but a strategic imperative.”

This initiative aligns with the THEMES Plus Agenda, Governor Sanwo-Olu’s blueprint for accelerating development across various sectors. In preparing public servants with digital skills, the government aims to improve service delivery, enhance productivity, and promote a culture of innovation within its administrative machinery. This, in turn, will have a good impact on various aspects of life in Lagos, creating a more efficient and responsive government that caters to the needs of its citizens.

The training program’s focus on digital literacy also holds huge importance for Nigerian youth, who represent a considerable portion of the state’s population and the driving force behind the nation’s future. Equipping current government employees with these skills is making way for further integration of digital literacy into future education and training programs. This, in turn, will empower young Nigerians to actively participate in the digital economy and contribute to the nation’s technological advancement.

The Lagos State Government has partnered with UK-AID, the Foreign Commonwealth Development Office, and Tech4Dev to carry out this commendable training program. The initial training program, held in 10 batches of 300 participants each, is a good step forward. 

However, it is essential to note that this is just the beginning. Continued investment in digital skills training across all levels of government and education, coupled with private sector involvement, is vital to ensure that Nigeria capitalises on the huge potential of its digital.

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Lagos State Target N1.251 Trillion IGR in 2024 https://techeconomy.ng/lagos-state-target-n1-251-trillion-igr-in-2024/ https://techeconomy.ng/lagos-state-target-n1-251-trillion-igr-in-2024/#comments Wed, 13 Dec 2023 14:23:55 +0000 https://techeconomy.ng/?p=120435 In a bid to fund its 2024 budget titled “Budget of Renewal,” the Lagos State Government, led by Governor Babajide Sanwo-Olu, is targeting an Internally Generated Revenue (IGR) of N1.251 trillion. 

This projection, coupled with a total Federal transfer of N596.629 billion, will contribute to the financing of the N2.246 trillion budget. The announced figure is a notable 17.35% increase from the N1.066 trillion targeted in the 2023 budget.

During the Lagos 2024 budget presentation at the House of Assembly on December 13, Governor Sanwo-Olu outlined the allocation of funds, with N1.224 trillion (54% of the budget) earmarked for capital expenditure and N1.021 trillion (46% of the budget) allocated for recurrent expenditure.

Lagos State has maintained its position as the top contributor to internally generated revenue in Nigeria for over two decades. In the first half of 2023, the state reported an IGR of approximately N400 billion, and in 2022, the National Bureau of Statistics highlighted that Lagos generated N651.15 billion, significantly surpassing other states, with Rivers State ranking second at N172.82 billion in IGR.

The considerable increase in the projected IGR for the upcoming fiscal year is likely attributed to an enhanced tax drive, aligning with the strategic goals of both the state and federal governments to bolster tax collection efforts.

Noteworthy is the 117.56% growth in the targeted total Federal transfer compared to the 2023 budget. With Value Added Tax (VAT) forming a substantial portion of the anticipated Federal transfer, it is anticipated that there will be intensified efforts to boost VAT collection in the coming year.

Recent initiatives by the Lagos State Internal Revenue Service (LIRS) include the introduction of the Eco Fiscal System — an automated invoicing solution aimed at enhancing revenue collection efficiency across the state. 

Looking ahead to 2024, the LIRS is expected to focus on robust efforts to collect the 5% consumption tax imposed on consumables and personal services in Lagos State. These measures collectively point to the state’s goal towards financial sustainability and effective revenue mobilisation.

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Lagos Disburses Over N500m to 40 Tech Startups, says Sanwo-Olu https://techeconomy.ng/lagos-disburses-over-n500m-to-40-tech-startups-says-sanwo-olu-lagos-state-2024-budget/ https://techeconomy.ng/lagos-disburses-over-n500m-to-40-tech-startups-says-sanwo-olu-lagos-state-2024-budget/#comments Wed, 13 Dec 2023 14:09:00 +0000 https://techeconomy.ng/?p=120432 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.

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