Why Lagos wants to fix innovation, not just fund startups
- The Lagos Innovation Bill aims to create a unified innovation ecosystem involving universities, research institutions, and private companies.
- Funding for Nigerian startups in Lagos fell by 17% to $343 million in 2025, prompting a shift in innovation strategy.
- The bill allocates 1.5% to 2% of the state’s annual capital expenditure for innovation, emphasizing ecosystem development over mere funding.
The Lagos Innovation Bill represents a significant step towards fostering a more integrated and sustainable innovation ecosystem in Nigeria. However, its success will largely depend on overcoming existing structural challenges, such as digital connectivity and bureaucratic barriers. Stakeholders must ensure that the proposed frameworks are effectively implemented to realize the bill's ambitious goals.
