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The Lagos State government has committed N1 billion to innovation in the state. Governor Babajide Sanwo-olu disclosed this during the inauguration of the newly constituted <a href="https://lasric.lagosstate.gov.ng/" target="_blank" rel="noopener">Lagos State Science, Research &amp; Innovation Council</a> (LASRIC) at a ceremony held at Lagos House in Alausa. 
The governor, represented by the Deputy Governor Dr. Kadri Obafemi Hamzat, said the fund, granted to the council as the first tranche of a LASRIC Seed Fund, is to enable the new council to hit the ground running and catalyze development in the state. 
Speaking about the fund, the Lagos State Commissioner for Innovation, Science and Technology, Mr. Tunbosun Alake, commended the Sanwo-Olu administration for consistently advancing innovation and technology to enhance the quality of life for Lagosians. 
Addressing the seed fund’s operational dynamics, Alake clarified that the initial N1 billion allocation is intended for exhaustion, after which additional funding will be sought. He added that the government’s long-term vision involves providing annual funding for LASRIC, a goal that is currently being pursued through the development of a dedicated law to support statutory funding for the council’s initiatives. 
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Highlighting the tangible gains achieved by LASRIC thus far, he cited the success story of Pricepali, an agritech e-commerce company that received funding from LASRIC. PricePadi has experienced remarkable growth, expanding its operations from Lagos to Abuja and Port Harcourt, establishing healthy profit margins, and creating numerous employment opportunities, thereby generating substantial economic value. 
Engr. Ibilola Kasunmu, the Permanent Secretary of the Ministry of Innovation, Science and Technology, the inauguration of the council and the N1 billion seed fund as proof of the Lagos State Government’s commitment to empowering youth in the state. She emphasized the evolving nature of the technology landscape, stating: 
“Gone are the days when people thought about information technology solely in terms of computer science; we now understand that information technology encompasses a vast array of disciplines, including cybersecurity, AI, software development, and more.” 
Kasunmu encouraged the youth to explore niche areas that align with their interests, enabling them to contribute to the state’s digital and technological advancement, thereby keeping pace with global trends. 
<h4 id="inaugurating-the-new-lagos-council" class="wp-block-heading">Inaugurating the new Lagos council</h4> 
In furtherance of its commitment to positioning Lagos as a hub for cutting-edge research, technological advancement, and innovation-driven economic growth, the Lagos State Government has inaugurated the newly constituted Lagos State Science, Research &amp; Innovation Council (LASRIC) at a ceremony held at Lagos House in Alausa, recently. 
In his remarks, Governor Babajide Sanwo-Olu lauded the outgoing LASRIC board led by Prof. Oluwatoyin Ogundipe for laying a solid foundation. He noted that over the past four years, LASRIC created over 500 jobs by supporting innovative startups, aided over 70 research and development initiatives, and increased innovation activity within the state by over 250%. Notably, LASRIC secured the government’s first patent through a multidisciplinary team from the University of Lagos working on the Ambubag Ventilator. 
The Governor outlined six key areas of focus for the reconstituted LASRIC. These include promoting an environment conducive to innovation through increased funding, strategic collaborations, capacity-building initiatives, and a resolute focus on locally relevant solutions, among others. He also challenged academics in the council to leverage LASRIC to better focus and translate their students’ research and thesis into entrepreneurial innovations with global impact. 
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The council, chaired by Professor Olumuyiwa Odusanya, Vice Chancellor of the University of Lagos, comprises distinguished academics, scientists, tech entrepreneurs, and public sector leaders including Prof. Folashade Ogunsola, Vice Chancellor, University of Lagos, Yaba; Prof. Benjamin Aribisala, Director at Centre of Excellence for Sargassum Research and Lecturer at Lagos State University and Prof. Peter Bamkole, Chief Operating Officer, Pan Atlantic University and Mr. Victor Afolabi, Founder of Eko Innovation Centre. 
Others are Sulaimon Abubakar, CEO of Sterling Bank; Mrs. Oreoluwa Somolu Lesi, Founder, Women Tech Empowerment Centre; Nkemdilim Begho, CEO of Future Soft Resource Ltd.; Tomi Davies, Collaborator in Chief, TVC Lab and Kola Aina, Founding Partner at Venture Platform. The public sector is represented by Hon. Tunbosun Alake, Commissioner for Innovation, Science and Technology (MIST); Hon. Mosopefolu George, Commissioner for Economic Planning and Budget; Feyisayo Alayande, Executive Secretary of Lagos State Employment Trust Fund and Engr. Ibilola Kasunmu, Permanent Secretary (MIST). 
In his acceptance speech, Prof. Odusanya expressed his gratitude to the Governor for the opportunity and reaffirmed the council’s steadfast commitment to spearheading research efforts and creating an enabling environment that fosters innovation across various sectors within the state. 
In response to questions from journalists regarding LASRIC’s funding focus areas, Olatubosun Alake emphasized that the council’s mandate encompasses a comprehensive analysis of all sectors within Lagos to identify opportunities for driving innovation and development. He stressed that LASRIC’s role as a research, innovation, and technology council necessitates the application of these advancements across all sectors to enhance productivity and drive sustainable growth. 
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Echoing the council’s mission, Victor Afolabi, the Founder of the Eko Innovation Centre, a foremost private sector player renowned for accelerating startup businesses in the state, remarked, “It is an honour to contribute my expertise to the development of the state and the country through my membership on the council, in addition to the initiatives we undertake at the Eko Innovation Centre. I have no doubt that the team assembled by Mr. Governor will deliver exceptional results.” 
Nkemdilim Begho, the CEO of Future Soft Resource Ltd., a beneficiary of the LASRIC grant in 2020 and a two-time member of the LASRIC board, echoed similar sentiments. She emphasized the urgency of swift action, stating, “I think the first thing is to really jump into it and get to work.” 
Begho also highlighted the importance of strategic planning, suggesting, “Some of the other things to really look at are strategic directions on how we also look at emerging technologies like AI. Aligning with the Deputy Governor’s vision, she proposed engaging with universities to align students’ thesis projects across levels within the state to ensure that funding is directed toward initiatives that create tangible impact. 
See also: <a href="https://technext24.com/2024/05/28/lagos-attracts-80-of-innovation-funding/#google_vignette">Lagos attracts 80% of innovation funding into Nigeria – Commissioner for technology</a>

Lagos commits N1bn seed fund for innovation as it inaugurates Science, Research and Innovation Council

Technext.ng

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