…State targets to double technology sector’s economic contribution by 2030 as Lagos Innovates graduates 50 founders
The Lagos State Government is developing an innovation bill that would reserve 20 percent of innovation grants for women- and youth-led businesses as it targets doubling the technology and innovation sector’s contribution to the state’s economy by 2030.
Olatunbosun Alake, commissioner for Innovation, Science and Technology, disclosed this at the Lagos Innovates LaunchPad 2.0 Idea Hub Pitch Day and Ecosystem Showcase, where 50 founders graduated from a programme designed to help early-stage entrepreneurs develop viable business models.
The proposed legislation is expected to establish a lasting framework for supporting startups, researchers and emerging businesses, alongside investments in fibre infrastructure to improve connectivity.
Lagos startups attracted $6bn in five years
Alake said Lagos-based startups attracted more than $6bn in investment between 2019 and 2024, representing about 70 percent of technology investments in Nigeria during the period.
He also highlighted the role of the Lagos State Employment Trust Fund (LSETF) in supporting businesses, saying it had disbursed more than N15bn to over 20,000 small businesses, contributing to the creation of more than 320,000 jobs. The Fund’s loan repayment rate exceeded 94 percent, he added.
Through Lagos Innovates, more than 1,200 startups have received support, while over 3,300 technology talents have been developed. The Lagos State Science, Research and Innovation Council has also awarded nearly N1bn to 155 researchers and startups, according to the commissioner.
Alake urged entrepreneurs to focus on solving real problems, understanding customer needs and building commercially viable businesses rather than prioritising publicity from pitch competitions.
Funding alone cannot sustain startups, LSETF says
Feyishayo Alayande, executive secretary of LSETF, said the Fund had supported approximately 100,000 businesses through interventions including masterclasses, advisory services and business registration assistance.
She stressed that access to finance was insufficient to guarantee business survival, highlighting the importance of mentorship, market access, capacity building and appropriate business structures.
Similarly, Foluke Stella, chairperson of the Lagos State House of Assembly Committee on Wealth Creation and Employment, said turning innovative ideas into sustainable businesses required relevant skills, funding, mentorship and a supportive business environment.
She called for stronger entrepreneurship policies and expanded access to business support services to help young people contribute to the state’s economic development.
50 founders graduate as startup programme expands
Oyindamola Egbeyemi, director of programmes and coordination at LSETF, said Lagos Innovates had supported 334 early-stage founders through 14 cohorts of the Idea Hub programme since its establishment.
The 50 founders graduating from the latest cohort represented the programme’s largest graduating group to date, she said.
The event formed part of LSETF’s 10th-anniversary activities and brought together entrepreneurs, investors and other stakeholders to showcase businesses supported through Lagos Innovates.
Representing Lolade Aina, permanent secretary of the Ministry of Wealth Creation and Employment, Aderonke Kudirat Bello, director of human resource and administration, reaffirmed the ministry’s commitment to supporting young people, particularly those in the informal and entrepreneurial sectors. She also emphasised collaboration between government and private organisations to promote employment and sustainable wealth creation.
Startups to expand after pitch award
At the pitch session, CareTrace emerged as the overall winner, receiving N3m. Harthio came first runner-up with N2m, while LocumSpace placed third and received N1m.
Oluwaseyi Akinlolu, founder of Harthio, said advice received during the programme changed how he engaged with users of the platform.
He began contacting users directly through emails and reminders, a strategy he said improved engagement and resulted in about 20 daily registrations.
Akinlolu said the prize money would support the development of an iOS application in response to user requests.
The proposed innovation bill and continued startup support are part of Lagos State’s broader effort to strengthen its technology ecosystem. Their longer-term economic impact will depend on whether funding and infrastructure translate into sustainable businesses, wider access to opportunities and jobs.
Ngozi Ekugo holds an MSc in Management from the University of Hertfordshire. She is also an alumna of University of Lagos, Queen’s College, and an Associate Member of CIPM. Her experience includes a brief exposure in the Human Capital Management division of Goldman Sachs in London. She draws on her cross-sector experience to cover employment trends, career opportunities and international mobility.