The Lagos State government has announced it has allocated N1 billion as a seed fund for startups to the Lagos State Science, Research, and Innovation Council (LASRIC).
Governor Babajide Sanwo-Olu made the announcement during the inauguration of the newly reconstituted LASRIC members in Lagos.
Governor Sanwo-Olu reiterated the state’s commitment to fostering scientific innovation, highlighting Lagos as a growth hub for early-stage and unicorn startups.
He noted that Lagos’s startup ecosystem is ahead many other African cities and countries in terms of success metrics, foreign direct investment, and the number of innovative solutions and patents.
“We are committed to increasing these success metrics with the provision of LASRIC seed fund to the tune of N1,000,000,000 (one billion Naira) – in the first tranche funding to the council.
“We believe this fund will continue to catalyse development in our dear state.
“It is my expectation that the new LASRIC Board being inaugurated today will work assiduously towards ensuring the realisation of our collective goals and aspirations,’’ he said.
The governor emphasised the centrality of innovation to his administration’s THEMES Agenda, necessitating the establishment of LASRIC to drive science and technology initiatives.
Alleluia is the Assistant Editor and Content Writer at LagosPost.ng. She is a prolific writer and editor, she has written features and news stories on Lifestyle, Sports, Business, Politics and B2B marketing. She is also an event coordinator, host and social media content creator.
