At Thursday's Art of Technology (AOT) 4.0 conference in Lagos, The Deputy Governor of Lagos State, Dr. Olufemi Hamzat said that this would pave the way for the local domicile of digital platforms and expand the state's access to prospects in digital technology. The technology conference has as its topic "Talent Acceleration and a Smarter Lagos," and its winners in the Innovation and Ideas Competition were given prizes.
Hamzat continued by saying that the increase in investment meant better chances to cultivate talent inside the ecosystem.
The current government is placing a greater emphasis on innovation to generate value for the state's ecosystem, as stressed by the deputy governor, who cited the state's supportive environment for entrepreneurs and technological advancement as a major factor.
He said the state government was pleased to watch the environment develop over time.
Hamzat said that Lagos now has the best technology startup environment in Africa, according to data compiled by Startup Genome.
In 2021 alone, he said, Lagos will get $1.5 billion in VC capital, a 120 percent increase from 2019.
He said that more than two thousand startups in the state were responsible for significant value creation and delivery in sectors such as finance, agriculture, construction, health, and others.
The deputy governor cited the state's first Innovation and Technology Masterplan as proof of the administration's contribution, noting its many implementations and projects.
This, he claims, is built upon some different strategic pillars, all of which cascade into various tactical efforts introduced in the first iteration of The Art of Technology.
Hamzat said that ever since the idea of AOT events was conceived, the state has been able to promote value-creating contributions that have allowed for a more robust and effective collaborative engagement with the ecosystem.
"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 organization's responsibility is to use financing to make direct ecological interventions. Over 60 firms have received an investment of $5,000 to $12,000 as a direct consequence of this in the previous two years "That's what he had to say, he clarified.
In his opening remarks, Mr. Hakeem Fahm, the state's Commissioner for Science and Technology, emphasized the need of channeling the enthusiasm of the state's young people.
Fahm further said that the young of Lagos was the future of both the state and the country.
He went on to say that they were brimming with brilliant ideas and enormous energy and that they would undoubtedly become successful actors, musicians, and artists if given the right stage.
But the commissioner insisted that from now on, the state government will be concentrating on accelerating talent and making Lagos smarter.
As part of its plan to make Lagos smarter, the government, according to Fahm, is expanding the talent acceleration pipeline for ten years.
The funding will allow digital platforms to be domiciled locally, expanding the market for digital technologies in the state.
At the Art of Technology (AOT) Lagos 4.0 conference, titled "Talent Acceleration and a Smarter Lagos," the state's Deputy Governor, Dr. Obafemi Hamzat, made the announcement.
Increasing investment, he said, meant there were more chances to cultivate talent inside the system.
Hamzat said that the current government has placed a greater emphasis on innovation to produce value outputs for the state's ecosystem because of the state's welcoming attitude toward new technologies and the prevalence of startups.
He noted with enthusiasm that the state administration was pleased to watch the ecology flourish over time.
He said, "Between 2019 and 2021, there was a 120 percent growth in Venture Capital (VC) inflow into Lagos, culminating in $1.5 billion in VC financing in 2021 alone. For industries as diverse as finance, agriculture, building, healthcare, and more, we have data on more than 2,000 companies that are making a positive impact.
This "notes an open and enabling environment for the development and spread of entrepreneurial activities inside the technological ecosystem."
In response, Hakeem Fahm, the state's commissioner for science and technology, emphasized the need for channeling the enthusiasm of today's youth in productive directions.
Fahm said that the young of Lagos is full of brilliant ideas and endless energy and that they are the future of the state and country.
He said that youngsters will blossom into stars if given the right stage and enough opportunity.
In addition, the commissioner stated that the state government's new focus would be on talent acceleration and a smarter Lagos, noting that a 10-year plan is being developed to increase the size of the talent acceleration pipeline to ensure the sustainability of talented individuals and thus create a smarter city.
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