How Lagos innovation bill may incentivise business growth

The Lagos State Government is making bold strides towards fostering an enabling environment for technological advancement with the proposed Lagos Innovation Policy Bill. This initiative is aimed at incentivizing the growth of both big companies and startups in the tech ecosystem. In a recent interview on CNBC Africa, Collins Onuegbu, Founder of Signal Alliance Technology Holding, and Sam Chidoka, the Managing Director of Kairos Capital, shared their insights on this groundbreaking move. Collins Onuegbu expressed his optimism about the government's commitment to institutionalizing innovation and supporting the tech ecosystem. He highlighted the importance of government intervention in nurturing startups and big corporates, citing the significant impact it could have on the industry. Onuegbu emphasized the need for Lagos State to invest in infrastructure to sustain the influx of funding and support the growth of businesses in the region. Sam Chidoka commended Lagos State for building on the Startup Act of 2022 and domesticating it to create a robust framework for innovation. He noted that Lagos has the potential to lead the tech revolution in Nigeria, given its GDP dominance and the high concentration of startups in the state. Chidoka stressed the importance of attracting investment and retaining businesses within Lagos to drive economic growth. The conversation also delved into Nigeria's position in the African tech landscape and its competition with countries like Egypt, Kenya, and South Africa. Onuegbu highlighted the challenges facing Nigeria's economy, such as FX volatility and capital flight, which have impacted funding for startups. He emphasized the need to address these issues to unlock the full potential of Nigeria's tech ecosystem. Chidoka raised a crucial point about Lagos State's competitive positioning, suggesting that Lagos should set its sights on competing globally rather than just within Nigeria. He urged Lagos to benchmark itself against tech hubs across the world and strive for excellence in innovation and business growth. In conclusion, both Onuegbu and Chidoka underscored the importance of collaboration, investment, and innovation in driving the growth of Nigeria's tech ecosystem. They emphasized the need for a supportive regulatory environment, infrastructure development, and investment incentives to spur innovation and competition. As Lagos State moves forward with the Lagos Innovation Policy Bill, the tech industry in Nigeria can expect a new era of growth and development.