Lagos State has emerged as a dominant force in Nigeria's innovation landscape, attracting a remarkable 70 to 80 percent of the nation's innovation funding. This significant concentration of investment was highlighted by Olatubosun Alake, the state’s Commissioner for Innovation, Science and Technology, during a recent stakeholder engagement forum held at the Eko Innovation Centre. Commissioner Alake underscored Lagos's pivotal role not only in Nigeria but also in driving innovation investment across Africa, stressing the urgent need for a robust policy framework to sustain and amplify this growth, propelling the state to the forefront of the global digital revolution. He articulated that such a framework is crucial as it can either encourage or deter continuous innovation investment within the state.

At the core of this strategic vision is the proposed Lagos Innovation Bill, a legislative initiative designed to cement Lagos State's position as the innovation powerhouse of Nigeria and beyond. This bill aims to empower the state government to implement comprehensive policies that will significantly enhance technology development. Should it be enacted into law, the bill is expected to catalyze the creation of various incentive packages for technology companies registered within Lagos, thereby fostering their growth and accelerating the overall technological advancement of the state.

Commissioner Alake further elaborated on the Lagos Innovation Bill's multifaceted approach, describing it as two-pronged. Firstly, it meticulously localizes the federal government’s existing Startup Act, adapting its provisions to specifically address the unique needs, challenges, and dynamic environment of Lagos State. Secondly, and arguably more profoundly, the bill extends its focus beyond merely nurturing fledgling startups. It actively seeks to encourage and facilitate innovation within established large corporations and small businesses alike, creating a broader, more inclusive ecosystem. This inclusive philosophy is a deliberate strategic maneuver to cultivate a vibrant and interconnected innovation environment where startups and established industry players can seamlessly collaborate, exchange knowledge, and collectively drive mutual growth and progress.

To effectively incentivize large corporations to become active participants and contributors within this burgeoning ecosystem, the Lagos Innovation Bill proposes a comprehensive suite of measures. These include attractive tax incentives, waivers on various fees, dedicated advocacy support, assistance with patenting processes, and robust incentives specifically designed to encourage and support research and development initiatives within the state's universities. Alake painted a vivid picture of the future envisioned by the bill: a scenario where a startup's innovative solution finds adoption and support from a major corporation such as MTN or Airtel. He also imagined universities fostering a thriving entrepreneurial culture, consistently spinning off numerous new companies each year, all bolstered by the extensive resources and invaluable mentorship provided by industry giants. This aspirational future, he asserted, is precisely what the Lagos Innovation Bill is meticulously designed to manifest.

Furthermore, the Commissioner detailed the integral role of the Lagos State Science Research and Innovation Council (LASRIC). Mandated to elevate the state's innovation index, including spearheading research and development, LASRIC is poised to leverage the forthcoming Innovation Bill to significantly boost technology innovation across Lagos. Over the past three years, LASRIC has already demonstrated its impact by funding over 60 technology startup companies. It has distributed more than N800 million in grants to both startups and universities for critical research and development projects and notably secured one patent for an original digital solution invention originating from the University of Lagos. The stakeholder engagement forum itself, a co-creation event, was deemed crucial by Victor Afolabi, CEO of the Eko Innovation Centre, emphasizing that collective deliberation would be instrumental in shaping effective regulatory incentives and forging a truly inclusive innovation ecosystem for Lagos State.