The Lagos State government is strengthening its position as a leading hub for innovation to attract startups and small businesses, providing fertile ground for them to commercialize their breakthroughs.
Feyisayo Alayande, the Executive Secretary of the Lagos State Employment Trust Fund (LSETF), spoke at the recent Impact Investors Foundation (IIF) supported Enterprise Support Organisation (ESO) event in Lagos. She highlighted the strategic advantages of the state’s location and its supportive environment for businesses. Represented by Gbemisola Ladipo, the Head of Strategy and Product Development at LSETF, Alayande emphasized that the success of startups relies on government-supported infrastructure and assistance frameworks.
She stressed the importance of providing “affordable plug-and-play spaces” and a “comprehensive suite of support,” which includes access to venture capitalists and skilled talent. Additionally, she noted that the support offered extends beyond mere physical locations, signaling ongoing efforts to assist startups and plans for further expansion.
According to her, LSETF has allocated substantial funding to support various innovative projects and foster collaborations among startups. She also remarked that Micro, Small, and Medium Enterprises (MSMEs) play a critical role in the economy, which drives LSETF’s commitment to improving their operational efficiency, reducing costs, and facilitating easier access to capital.
Alayande acknowledged that accessing financial resources poses a significant obstacle to entrepreneurial growth in Nigeria. She highlighted the importance of increasing female participation in business for both economic recovery and societal progress, noting that the Lagos State Employment Trust Fund (LSETF) is leading efforts to close the financing gap for women entrepreneurs in Lagos through its Women Entrepreneur Fund (W-initiative) loan program, in collaboration with Access Bank Plc.
This initiative aims to provide essential financial support to female business owners in the region, thereby promoting business development in Lagos. Furthermore, she mentioned that funding for technology startups within the LSETF framework allows the Lagos State Government to actively engage in the local ICT sector. By focusing on startups, LSETF has acted as a conduit for fostering and accelerating business growth within the sector while enhancing employment prospects.
In her presentation, Mrs. Ekaette Umoh, General Manager of the Ibom Leadership and Entrepreneurial Development Centre (Ibom-LED) in Uyo, Akwa Ibom State, indicated that the state government is working toward making the area a vibrant innovation hub. She mentioned the recent signing of a ₦4 billion matching fund between the Bank of Industry and the Akwa Ibom State government and the establishment of Ibom-LED to train MSMEs in world-class business tools, enabling them to engage efficiently and profitably. So far, 1,200 individuals have been trained, and the government has provided grants ranging from ₦500,000 to ₦750,000 each.
Umoh expressed her belief that Akwa Ibom is uniquely positioned as Nigeria’s next frontier for industrialization, trade, and entrepreneurship. She emphasized that being an entrepreneur requires a diverse set of skills, particularly dedication, resilience, and self-discipline, as entrepreneurs frequently face various challenges that can hinder business operations. She concluded that adopting a solution-oriented mindset is essential for effectively addressing business challenges.
In terms of future plans, she indicated that Akwa Ibom aims to enhance its innovation ecosystem by prioritizing the development of deep tech talent, creating a conducive environment for startups, and facilitating their international growth.
During a panel session facilitated by Patrick Okigbo, Founder and Principal Partner at Nextier, several presentations were made. The panelists included Ahmed Idris, Executive Director of EnovateLab; Iffat Mahmud, Country Representative of Innovision Consulting Limited; Yewande Ososanya, Chief Executive Officer of Strateco Sustainability; Damilola Obadairo, Chief Executive/Founder of 8th Gear Hub & Ventures Studio; Nonye Umahi, Chief Executive of Cuano Consultants Limited; Seye Olurotimi, Chief Executive of MSME Africa; and Evans Edebor, Chief Executive of PABL Consults.
