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Lagos State Endorses N1 billion Initial Grant for Innovative Startups

Blessing Joseph by Blessing Joseph
June 17, 2024
in News, Tech
0
Lagos State Endorses N1 billion Initial Grant for LASRIC
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In a significant move to promote scientific innovation and digital security, Lagos State Governor Babajide Sanwo-Olu inaugurated the Lagos State Science, Research and Innovation Council (LASRIC) and the Cybersecurity Advisory Board on Friday. The event, held at the Banquet Hall in Lagos House, Ikeja, was presided over by Deputy Governor Dr. Kadri Hamzat, who announced an initial grant of N1 billion to kickstart the boards’ activities.

Governor Sanwo-Olu emphasized his administration’s commitment to fostering innovation through the LASRIC Seed Fund, stating, “With the provision of LASRIC Seed fund to the tune of N1,000,000,000 (One Billion Naira) in the first tranche payment to the council, we believe this fund will continue to catalyze development in our dear State.”

 

Objectives and Achievements of LASRIC

Sanwo-Olu highlighted that the development of the state is central to the THEMES Plus Agenda, which necessitates a body to manage and drive Lagos State’s science and technology initiatives. Since its inception, LASRIC has supported over 70 projects, ranging from bio-mass and bio-diesel to artificial intelligence for medical imaging, increasing innovation activity by over 250%.

The Governor outlined the government’s responsibilities to LASRIC, including:

– Increased funding and support

– Collaboration and partnerships

– Capacity building

– Addressing local challenges

– Promoting a culture of innovation

These efforts aim to enhance the state’s ecosystem for science, innovation, and technology.

Composition and Mandate of the New Board

The newly constituted LASRIC board comprises experts from industry, academia, and the public sector. Sanwo-Olu expressed confidence in the board’s ability to realize the collective goals and aspirations of Lagos State, stating, “I have no doubt in my mind that you will bring to bear on your new assignment your experience and expertise which informed your selection to serve the government and the people of Lagos State.”

 

 Focus on Cybersecurity

In an earlier event, Sanwo-Olu inaugurated the State Cybersecurity Advisory Board, charging it with establishing a robust digital protection ecosystem to safeguard the quality of life for all citizens. He noted the growing use of digital tools and the associated risks, underscoring the need for a comprehensive cybersecurity strategy.

“Today’s inauguration aligns with our goal of transforming Lagos into a smart, livable, and cyber-protected city,” said the governor.

 

Commitment to Digital Solutions

Tobosun Alake, Commissioner for Innovation, Science, and Technology, reiterated the administration’s focus on enhancing technology and digital solutions to improve the quality of life for Lagosians.

Through these initiatives, Lagos State aims to cement its position as a leading hub for scientific innovation and digital security, driving economic growth and improving living standards for its residents.

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