The Lagos State Government has said it will offer tax incentives and other benefits to startups operating in the State through its Innovation Bill, a key legislative initiative aimed at accelerating the growth of startups and improving the ease of doing business in the state.
This was revealed by Tunbosun Alake, Lagos State Commissioner for Innovation, Science, and Technology, in an interview with Naijaonpoint on the sidelines of the just concluded GITEX Global 2024 in Dubai.
Alake explained that the Innovation Bill, which would soon be passed into law, is designed to address challenges faced by startups, particularly in areas such as registration, incorporation, and access to patents.
“The Innovation Bill will help drive the development of startups faster in Lagos State. It will provide startups with tax benefits, streamline the process for accessing patents, and make it easier for universities to engage in research and development,” he said.
While emphasizing that the bill would simplify the licensing of new technology, the Commissioner said it would also enable young businesses to incorporate innovations more efficiently into their portfolios.
“Although incorporation and registration are federal matters, Lagos can help facilitate the process. The goal is to make it easier for businesses, especially startups, to get off the ground and access key resources, including procurement opportunities from the government,” he said.
When asked about why Lagos has become a preferred destination for startups, Alake pointed to the state’s large population and business-friendly environment.
“Lagos State’s size and population create a captive market, which attracts a lot of companies. More importantly, Lagos is open to everyone. You don’t have to be from Lagos to set up a business here,” he said.
“We make these connections to ensure that businesses can serve the needs of government agencies and, in turn, drive economic growth,” he said.
With the private sector accounting for 80% of Lagos’ GDP, Alake reiterated the state’s commitment to servicing this sector, particularly in the technology ecosystem.