New Telegraph

Lagos Supports 50 Innovators With N56bn – Sanwo-Olu

…Says States now global hub of innovation and creativity

…Lists efforts and successes

Lagos State Governor, Mr Babajide Sanwo-olu on Thursday disclosed that the state has supported about 50 innovators through the Lagos State Science, Research, and Innovation Council (LASRIC), the state agency created with a mission to empower research and innovation initiatives with funding support and network access.

Sanwo-Olu said the value of the supports exceeds $700,000, which is about N56 billion

He also affirmed that the state’s steadfast dedication to innovations, particularly in the area of Art and Technology, Lagos State is establishing its place among globally acclaimed hubs and one of the fastest-growing digital economies of the world.

These pronouncements were made by the state governor at the opening ceremony of the 5th Annual Arts of Technology (AOT) conference, held at Landmark Event Center, VI.

Organised by the Ministry of Innovation, Science and Technology, in collaborative partnership with Eko Innovation Center, and themed “Creative Economy And The Digital Lagos, The AOT summit serves as a melting point for all stakeholders in the Arts and Technology sector, with a common goal of transforming the state into the digital future.

Positioned at the forefront of the digital era, Sanwo-olu concluded that the state has solidified its status as Africa’s foremost fashion and creative hub. This he claimed is emblematic of stakeholders’ “shared commitment to technological advancement.”

He also said the emergence from Lagos of globally recognised practitioners in the creative economy sector are all testaments to the fact that the state is now a force to reckon with among digitised economies.

The governor explained that the Film City Initiative, and the provision of appropriate legal and regulatory frameworks, are some of the efforts being put in place by the Lagos State Government to maintain a conducive environment for a sustainable Digital economy.

Others he mentioned and which he says have impacted significantly on the state economy include the adoption of a sustainable public-private partnership finance model and investment in IT and other infrastructure.

While explaining that” “this year’s edition represents “a reflection of our dedication to a transformative journey where the fusion of technology and artistic expression propels us into a global innovation hub, reshaping the economic landscape of Lagos”, he added the contribution of the digital creative economy

Saying that it generates an annual revenue of over $2 trillion and accounts for nearly 50 million jobs worldwide, predominantly for youths, the governor said the “creative industry is positioned as one of the country’s largest employers of labour and has the potential to produce 2.7 million jobs by 2025.

“Notably, the music industry has burgeoned into the second-largest in Africa, boasting an annual revenue exceeding $2 billion.

“This achievement is underscored by our artists receiving prestigious accolades such as Grammys, and the proliferation of international streaming services attests to the industry’s global resonance,” he said.

Noting that the impact of technology on Lagos’s development is profound, he said technology has propelled a remarkable 500% increase in productivity across pivotal sectors in the last ten years.

He opined that the smart city initiatives have not only enhanced the efficiency of public services but have also significantly elevated the overall quality of life for our residents.

Identifying the issue of intellectual property theft as a major challenge to the creative economy, Sanwo-olu Sanwo-Oluthe needs to implement measures to safeguard intellectual property and cultivate an environment where creativity is not only protected but also flourishes. Given this, he disclosed that the state has forged a partnership with the World Intellectual Property Organization (WIPO). A collaboration he noted, aims to establish a robust framework that will ensure intellectual and financial safety of the economy.

Speaking further, the governor said the deployment of over 6,000km Metro-fibre duct project, a groundbreaking initiative that is already 50% completed, is another state investment towards deepening the digital and creative space.

He explained that the Lagos Film City is designed to provide a living and working space for filmmakers, actors, writers, musicians, marketing professionals, and other industry personnel, fostering the realization of their creative ideas.

“It is a collective endeavour that requires the synergy of government, industry, academia, and civil society. Together, we will build a future where innovation knows no bounds, where creativity flourishes, and where the digital heartbeat of Lagos resonates across the globe,” he said.

Appreciating organizers, stakeholders, and other participants, the governor expressed confidence that “the discussions initiated at this conference, along with the resulting outcomes, will pave the way for a threefold increase in the value of the creative ecosystem.

Saying, “May this gathering serve as a guiding beacon, directing us toward a future where the convergence of technology and creativity collaboratively shapes a brighter tomorrow for the residents of Lagos State.”

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