Nigeria’s economic capital, Lagos, has seen no less than $1 billion in investment in the state in the last 12 months, particularly in the area of data centre investment.
This was revealed at the Art Of Technology (AOT) Lagos 4.0 conference with the theme “Talent Acceleration and a Smarter Lagos,” according to Dr Obafemi Hamzat, the deputy governor of Lagos State.
The growth of investment in Lagos, in Hamzat’s opinion, has exposed talent development inside the digital technology sector to several opportunities, with the state recording thousands of start-up companies contributing significantly to the ecosystem.
He said that the residents’ acceptance of technology and the entrepreneurial environment in the state had spurred Governor Babajide Sanwo-Olu’s increasing emphasis on innovation to develop valuable outputs for the state’s ecosystem, which is also evident in the government’s THEMES Agenda mandate.
He explained that the state administration is pleased with the long-term growth of the environment.
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According to the Deputy Governor, “Between 2019 and 2021, over a 120 per cent increase in Venture Capital (VC) inflow into Lagos was realised, resulting in $1.5 billion in VC funding in 2021 alone. We have records of over 2,000 startups creating and contributing value across fintech, agritech, construction, health and many others.
“All of this points to an open and enabling environment for the growth and proliferation of entrepreneurial activity within the technology ecosystem.”
Hamzat also emphasised that the Governor Sanwo-Olu administration has contributed to the advancement of technology, making Lagos the leading state in the sector. He also explained that the state’s impact could be seen in the initiatives being executed in the State’s first Innovation and Technology Masterplan.
These, he further stated, include core pillars that transcend into a number of tactical efforts introduced during the inaugural Art of Technology edition.
Since the inception of AOT events, the state has been able to create value-creating contributions that have made it possible to have a closer and more effective working connection with the ecosystem, according to Hamzat.
“Since the first AOT gathering, we have ignited the Lagos State Science Research and Innovation Council, a body consisting of private and public sector professionals.
“This body is tasked with intervening directly in the ecosystem through funding. The result to date has seen over 60 startups receive funding of between 5,000 and 12,000 dollars in the past two years,” he said.
Harnessing Youths Potential
On his part, Commissioner for Science and Technology, Hakeem Fahm, highlighted the importance of channelling the youth in the right direction. He said for the state to experience total development across all sectors of society, it is crucial to harness the youths’ energy in the appropriate way.
Fahm explained that the Lagos youths are, without a doubt, the future face of the mega-city and the country. He emphasised that these youths are also brimming with brilliant ideas and boundless energy, and if given the correct platform as well as ample opportunities, they would be shining like stars.
The commissioner further explained that the state government will now put more emphasis on talent acceleration and creating a smarter Lagos. In ensuring the state achieves this goal, Fahm announced that the government is developing a 10-year roadmap to expand the talent acceleration pipeline in order to actualise talent sustainability and produce a smarter Lagos.
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Lagos To Benefit From Microsoft ICT Training
Recall that the Lagos Government’s Art of Technology (AOT) recently organised a dinner focused on “Talent Acceleration and a Smarter Lagos,” still in line with getting the state technologically advanced.
At the dinner, Microsoft’s Country Manager for Nigeria and Ghana, Mrs Ola Williams, announced that it signed a Memorandum of Understanding with the federal government of Nigeria to train and empower young Nigerians with digital skills, with a large number pooled from Lagos.
According to Williams, “The MoU we signed with AOT is basically to work with the Lagos State Government to digitalize the state and provide access to different technologies, artificial intelligence and empower Lagos State government employees with the right to modernize their working environment, also to ensure securing all their digital technology in the state, in line with the state Government aspiration to make it a digital state”.
She also explained that Microsoft is “working with the federal government to ensure that every youth takes part in the training. We are going to the six geopolitical zones of Nigeria and the Federal Capital Territory (FCT).
