The Lagos State Government has announced plans to offer tax incentives and other benefits to startups operating within the state, as part of its forthcoming Innovation Bill.
This key legislative initiative aims to accelerate the growth of startups and enhance the ease of doing business in Lagos.
This was disclosed by the Lagos State Commissioner for Innovation, Science, and Technology, Tunbosun Alake, during the recent GITEX Global 2024 event in Dubai, according to Nairametrics.
Alake explained that the Innovation Bill, expected to be passed into law soon, is designed to tackle challenges faced by startups, particularly in areas such as registration, incorporation, and access to patents.
“The Innovation Bill will help drive the development of startups faster in Lagos State. It will provide startups with tax benefits, streamline the process for accessing patents, and make it easier for universities to engage in research and development,” he said.
Emphasizing the bill’s benefits, Alake noted that it would simplify the licensing process for new technologies, allowing young businesses to incorporate innovations more efficiently into their portfolios.
The Lagos State government aims to create a supportive environment for tech startups to thrive by fostering innovation.
In addition to the Innovation Bill, Alake indicated that the state is developing an Ease of Doing Business Policy through the Ministry of Commerce, Trade, and Industry.
This policy is designed to assist entrepreneurs with incorporation, registration, and tax benefits, while also providing access to government procurement opportunities.
“Although incorporation and registration are federal matters, Lagos can help facilitate the process. The goal is to make it easier for businesses, especially startups, to get off the ground and access key resources, including procurement opportunities from the government,” he said.
When asked why Lagos has become a preferred destination for startups, Alake highlighted the state’s large population and business-friendly environment as key factors contributing to its attractiveness.
“Lagos State’s size and population create a captive market, which attracts a lot of companies. More importantly, Lagos is open to everyone. You don’t have to be from Lagos to set up a business here,” he said.
The Commissioner explained that Lagos has implemented deliberate measures to support businesses in underserved areas.
He cited an example of an artificial intelligence and robotics company that the state actively supported, saying, “We have a specific policy of helping businesses in areas we believe need development, like AI and robotics.”
Meanwhile, Lagos State aims to attract more investments in startups as Nigeria prepares to host GITEX Nigeria, a country-focused edition of the GITEX Global organized by the Dubai World Trade Centre.
The event, scheduled for September 1 to 4, 2025, will be held in Lagos and Abuja.
