Lagos to Allocate 1.5% of Capital Budget to Drive Innovation and R&D
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 introduced a proposal for the establishment of a Research and Development Innovation Fund (RD&I Fund) aimed at driving science, technology, and innovation within 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 funds for industry-academia collaborations, and offering seed capital for emerging innovative enterprises. The fund would also finance the development and modernization of high-end facilities, innovation hubs, technology parks, incubators, and accelerators.
In addition, the bill highlights targeted support for “Repatriated Tech Talents,” who would receive startup funding, laboratory space, and integration support. The fund would also sponsor scholarships, fellowships, and innovation bootcamps aimed at building the next generation of innovators.
Management of the RD&I Fund would fall under a Fund Manager appointed by the Lagos State Research and Innovation Commission, which will also publish further eligibility requirements for enterprises and entities seeking access to the funds.
If passed, the bill would mark a major step toward strengthening Lagos State’s position as a hub for innovation, technology development, and research commercialization in Nigeria.
