Babajide Sanwo-Olu, the governor of Lagos State, said that over N500 million will be given to 40 tech startups. The governor said this when he presented the 2024 budget to the House of Assembly. These startups will be able to grow with the help of the money from the Lagos State Science Research and Innovation Council (LASRIC).
In his speech, Sanwo-Olu talked about how these investments have helped by mentioning solutions like LagRide, which came from a company and won second place in the State’s first Transportation Hackathon challenge in 2019.
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Governor Sanwo-Olu’s plans made public
In his budget speech, Governor Sanwo-Olu talked about his government’s successes in different areas of the state’s economy. He said:
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“We’ve given over 500 million naira to the Lagos State Science Research and Innovation Council (LASRIC) to help more than 40 innovative startups in Lagos.” LagRide was created by a company that came in second place at our first Transportation Hackathon in 2019.
Touch and Pay Technologies, a firm driven by young entrepreneurs, produced the Lagos Cowry Card, which works on BRT, Ferry, and Train services like the UK’s Oyster card.
He added that the Lagos Innovates Voucher Programme gave more than 350 young tech entrepreneurs energy, internet, and more through partner hubs.
Introducing Lagos state’s strategic tech efforts to help startups
Some of Africa’s most famous and successful startups are based in Lagos, known as the “startup hub of Africa.” Through its Startup Lagos Initiative, the state government actively encourages more success.
The government runs Startup Lagos, an information portal for the startup ecosystem. It helps startups find investors and keeps investors and innovators updated on important news and possibilities. “Right now, the Portal has a list of more than 3,000 Startups,” the Governor said.
The Governor talked more about his government’s progress in connectivity and investments in technology. He said the ongoing Metro Fibre Project has connected over 100 public schools, hospitals, businesses, and other buildings to a fibre network.
This project aims to lay 6,000 km of fibre-optic cable across the metropolis. The first part, which covered 3,000 km, is almost finished, with 2,900 km laid; besides that, the second part of the project will start in 2024.
Technological initiatives for enhanced security and governance
Lagos Governor Sanwo-Olu has noted the success of ICT efforts. The Live Camera Update (LCU) Project, ANPR Cameras, the Command and Control Centre for State Waterways (Search and Rescue), and the Lagos Rail Mass Transit Project are examples. These improvements aim to improve security, prevent traffic concerns, and speed up accident response.
“Digital Cabinet Dashboard,” an innovative application in final development, is notable. For the benefit of government decision-makers, this all-inclusive tool digitises public data on everything from traffic accidents to hospital bed usage in general hospitals. The Governor stressed that this dashboard, which passed beta testing, will continuously improve decision-making.