The Lagos State Government is working on a new law called the “Lagos Innovation Bill,” which aims to adapt the Nigeria Startup Act to better suit the needs of tech startups in Lagos.
Lagos is taking this step to align with the national law signed by former President Muhammadu Buhari on October 19, 2022. This move is crucial because Lagos hosts over 500 startups and attracts the most startup investments in Nigeria.
Olatubosun Alake, the Commissioner for Science, Innovation, and Technology, highlighted this at a recent forum. He noted that Lagos receives 70% to 80% of all innovation funding in Nigeria.
Alake stressed the importance of a strong policy to sustain this investment and push Lagos to the forefront of the digital age. He assured stakeholders that the bill would not only support startups but also encourage large companies to innovate.
The Lagos Innovation Bill has a two-part approach: adapting the National Startup Act to fit Lagos’s specific needs and promoting innovation across all business sizes. The bill aims to drive innovation from startups to established companies, reflecting Governor Babajide Sanwo-Olu’s broader strategy for digital economic growth.
Key features of the bill include a research and innovation fund, registration for research and innovation institutions, tax and fiscal incentives, accelerators and incubators, and capacity development programs.
The bill seeks to create a comprehensive support system for all players in the innovation ecosystem, including government bodies, startups, large companies, universities, research institutions, venture capitalists, angel investors, and private equity investors.
As of March 2023, only 12 out of Nigeria’s 36 states had shown interest in adopting the Startup Act. Kaduna was the first to implement it on July 12, 2023, followed by Rivers State in December 2023.
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