Government support for startups nurtures talent and creativity, enhancing skills in technology and entrepreneurship. These initiatives align with African development goals by addressing unemployment, poverty, and economic diversification.

The Lagos State government has allocated N1 billion ($654,000) as a seed fund for startups through the Lagos State Science, Research, and Innovation Council (LASRIC), Governor Babajide Sanwo-Olu announced on June 14.

“We are committed to increasing these success metrics with the provision of LASRIC seed fund to the tune of N1,000,000,000 – in the first tranche of funding to the council,” Sanwo-Olu said.

a SEED Fund of N1Billion was provided for this cause. This is another marquee achievement for our dear State and indeed a greater Lagos that is ever evolving. Congratulations LASRIC. 2/2 pic.twitter.com/fq8KwMNaPL

— LASRICLAGOS (@Lasriclagos) June 15, 2024

The funding was revealed during the inauguration of the newly reconstituted LASRIC members, who include experts from industry, academia, and the public sector.

For Sanwo-Olu, Lagos is a burgeoning hub for early-stage and unicorn startups, noting that the city’s startup ecosystem has outpaced many other African cities in success metrics and foreign direct investment. He also emphasized LASRIC’s achievement in securing the government’s first patent through a team from the University of Lagos, which developed the Ambu Bag Ventilator.

According to the Global Startup Ecosystem Report 2023, Lagos ranks high among African cities, attracting significant investment and producing innovative solutions. The seed fund aims to support Lagos' thriving startup ecosystem and maintain its status as a leading innovation hub in Africa.

Hikmatu Bilali