Governor Sanwo-Olu Champions Tech Evolution: Nurtures 40 Startups with N500 Million Injection
Lagos State Governor, Babajide Sanwo-Olu, has announced a substantial disbursement of over N500 million to propel the growth of 40 tech startups in the region. This significant financial injection was unveiled during the governor’s 2024 budget presentation to the House of Assembly and aims to foster the scaling of these innovative ventures.
Highlighting the positive outcomes of such investments, Governor Sanwo-Olu cited the emergence of impactful solutions, including LagRide, originating from a startup that secured second place in the State’s inaugural Transportation Hackathon challenge in 2019.
Initiatives Unveiled by Governor Sanwo-Olu
In his comprehensive budget speech, Governor Sanwo-Olu underscored the multifaceted achievements of his administration across various sectors of Lagos State’s economy. He emphasized the allocation of over half a billion naira through the Lagos State Science Research and Innovation Council (LASRIC) to support more than 40 innovative startups.
Governor Sanwo-Olu showcased success stories such as the creation of the Lagos Cowry Card by Touch and Pay Technologies, a startup led by young entrepreneurs. This card, comparable to the UK’s Oyster card, is applicable on BRT, Ferry, and Train services, showcasing the tangible impact of government-backed initiatives on technological advancements.
In addition to financial support, the governor highlighted the empowerment of over 350 young tech entrepreneurs through the Lagos Innovates Voucher Program. This program provides benefits such as electricity, internet services, and more through partner hubs, fostering an environment conducive to innovation and growth.
Empowering Startups through Startup Lagos Initiative
Recognizing Lagos as the startup hub of Africa, Governor Sanwo-Olu elucidated on the government’s active role in nurturing entrepreneurial ventures through the Startup Lagos Initiative. This government-run Information Portal serves as an investor exchange point and a source of vital news events and opportunities for both investors and innovators. Currently, the portal hosts a database of more than 3,000 startups, facilitating collaboration and growth within the ecosystem.
Governor Sanwo-Olu further highlighted technological investments in connectivity, such as the ongoing Metro Fibre Project. Over 100 public schools, hospitals, offices, and facilities have been linked to a fiber network, with plans to deploy 6,000km of fiber-optic cabling across the metropolis.
Technological Initiatives for Enhanced Security and Governance
The governor emphasized the successful deployment of various technology initiatives, including the Live Camera Update (LCU) Project, Automatic Number Plate Recognition (ANPR) Cameras, the Command and Control Centre for State Waterways (Search and Rescue), and the Lagos Rail Mass Transit Project. These initiatives play a crucial role in bolstering security measures, ensuring proactive responses to traffic issues, and facilitating swift mobilization to accident scenes.
An exciting addition to these advancements is the “Digital Cabinet Dashboard,” an advanced application in the final stages of development. This tool digitizes public data for government decision-makers, providing comprehensive information from road incidents to hospital bed usage within General Hospitals. Governor Sanwo-Olu emphasized that this dashboard, having successfully undergone beta testing, will enable more robust and informed decision-making at all times.
