Lagos plans ₦31 billion innovation fund to back startups, hubs
- Lagos plans to allocate ₦31.07 billion ($20.26 million) for innovation funding as part of the Lagos Innovation Bill.
- The bill mandates at least 1.5% of the annual capital budget to be dedicated to research and development.
- The proposed RD&I fund will finance research, innovation hubs, and provide risk capital to businesses.
The Lagos Innovation Bill represents a proactive approach to fostering innovation and supporting the startup ecosystem in Lagos. However, the success of this initiative will heavily depend on the effective management of the fund and the enforcement of compliance measures to prevent misuse.
