Alex Omenye
The Lagos State Governor, Babajide Sanwo-Olu on Wednesday disclosed that his government has disbursed over N500 million to more than 40 tech startups in the State.
In his budget speech during the presentation of the 2024 budget at the Lagos State House of Assembly, Sanwo-olu stated the funds has helped the startups to them to scale disclosed this on Wednesday in his budget speech as he presented the State’s 2024 budget to the House of Assembly.
“Through the Lagos State Science Research and Innovation Council (LASRIC), we have disbursed over half a billion naira to more than 40 innovative startups in Lagos,” Sanwo-Olu said.
He added that the investments in technology have birthed several innovative solutions like LagRide that has been a solution to Lagos State’s daunting transportation problem.
Sanwo-Olu added that “The Lagos Cowry Card, Lagos’ version of the UK’s Oyster card, usable across our BRT, Ferry, and Train services, was developed by Touch and Pay Technologies, a startup run by young entrepreneurs” which has been innovative in solving challenges in the state.
The governor also added that disbursements has also empowered at least 350 young technology entrepreneurs through the Lagos Innovates Voucher Program, which provides electricity, internet services, and other benefits to partner hubs.
The Lagos State startup scene is recognized as the hub of startups in Africa as it houses some of the biggest and most successful startups in Africa, and the government is making efforts to produce more successful startups
