Lagos State Governor, Babajide Sanwo-Olu.

The Lagos state government has authorised $671,000 (1 billion Naira) in initial funding for start-ups at the Lagos State Science, Research, and Innovation Council (LASRIC).

The Lagos State Governor, Babajide Sanwo-Olu, announced this at the LASRIC opening last week as part of his administration's plan to develop Lagos into a technology and innovation hub.

Governor Olu emphasised Lagos' expanding status as a hotspot for early-stage and unicorn enterprises.

"As a government, we recognise the critical role that start-ups and innovative entrepreneurs play in driving economic growth, job creation and solving societal challenges," said Governor Sanwo-Olu.

"This ₦1 billion seed fund is our way of demonstrating our commitment to empowering the next generation of innovators in Lagos."

The ₦1 billion will be governed by a 13-member LASRIC council led by Prof. Olumuyiwa Odusanya, vice chancellor of Lagos State University of Science and Technology.

The Governor went on to say, "Over the last four years, LASRIC has supported start-ups in AgriTech, the circular economy, climate change, and construction technology, creating over 500 jobs. It has also supported over 70 R&D activities, increasing innovation in Lagos by more than 250%."

Start-ups can apply for funding through the LASRIC website. Eligible applicants must pass an initial screening and a panel evaluation by industry experts to ensure viability and effect. Previous grant recipients are unable to reapply.