Under the draft law, the lagos state government would allocate at least 1.5% of its annual capital budget to the RD & I Fund and the Development of Research, Science, and Technology.
The lagos state innovation bill has been introduced a proposal for the establishment of a Research and Development Innovation Fund (RD & I Fund) AIMED at Driving Science, Technology, Technology, and Innovation with the state.
Under the draft law, the lagos state government would allocate at least 1.5% of its annual capital budget to the RD & I Fund and the Development of Research, Science, and Technology. This allocation is expected to Rise to 2% Within Ten Years of the Bill’s enactment. Additional Funding Sources are outlined to include donations, innovation bonds, grants, as well as income from partnerships, royalties, and dividends.
The RD & I Fund is designed to support a wide range of initiatives. These include translating Academic Research Into Commercially Viable Products with Strong Societal Impact, Providing Matching Matching Funds For Industry-CADEMAIA Col first Emerging Innovative Enterprises. The fund would also also finance the development and modernization of high-end facilites, innovation hubs, technology parks, incubators, and accelerators.
In addition, the bill highlights targeted support for “repatrated tech talents,” Who would receive startup funding, laboratory space, and integration support. The fund would also also sponsor scholarships, fellowships, and innovation bootcamps aimed at building the next generation of innovators.
Management of the RD & I Fund Bold Fall Under a Fund Manager Appointed by the Lagos State Research and Innovation Commission, which will also also also elegibILITY REQUREMENTS FORTIESS and Entrieses Seeking access to the funds.
If passed, the bill would mark a major step toward strengthening lagos state as a hub for innovation, technology development, and research commercialization in Nigeria.