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Lagos attracts over $1bn in Data Centre investment

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Lagos State Deputy Governor, Kadri Hamzat, said the state has attracted over one billion dollars in Data Centre Investment in the past one year.

The deputy governor disclosed this while speaking at the Art of Technology (AOT) Lagos 4.0, with the theme: “Talent Acceleration and a Smarter Lagos,” held at Landmark Event Centre, Victoria Island, Lagos.

Some students were rewarded at the event for emerging winners of the Innovation and Ideas Competition, with the deputy governor saying that such step would enable the local domicile of digital platforms and open the state for more digital technology opportunities.

This was just as he noted that the proliferation of these investments presented opportunities for talent development within the ecosystem.

The deputy governor emphasized that the entrepreneurial environment and the open support for technology informed the present administration’s increasing focus in innovation in a bid to drive value outputs for the state’s ecosystem.

Hamzat, who cited Startup Genome, said the state government was enthused to see the growth the ecosystem had experienced over the years, pointing out that Lagos is now the number one technology startup ecosystem in Africa in terms of funds, performance, and sheer number of startups creating value.

According to him, between 2019 and 2021, over a 120per cent increase in Venture Capital (VC) inflow into Lagos was realized, resulting in $1.5 billion in VC funding in 2021 alone, adding that the state had a record of over 2000 Startups creating and contributing value across Fintech, Agritech, Construction, Health, among others.

He added further that the administration’s contribution was evidenced in the different implementations and initiatives contained in the State’s first Innovation and Technology Masterplan which, according to him, contains multiple strategic pillars that cascade in multiple tactical initiatives launched during the first edition of Art of Technology.

Hamzat noted that since the conception of AOT events, the state had been able to foster value-creating contributions that had enabled a deeper and better collaborative relationship with the ecosystem.

“Since the first AOT gathering, we have ignited the Lagos State Science Research and Innovation Council, a body consisting of private and public sector professionals tasked with intervening directly in the ecosystem through funding.

“The result to date has seen over 60 startups receive funding of between 5,000 and 12,000 dollars in the past 2 years,” he said.

The deputy governor further disclosed that in fulfilling this administration’s agenda of a Smart City, over 600 Smart Intelligent Video Surveillance Cameras as well as Intelligent Transportation Cameras for Traffic monitoring and management had been deployed across the state.

Earlier in his welcome address, the Commissioner for Science and Technology, Mr. Hakeem Fahm, stated that for the state to experience total development throughout all facets of society, it was crucial to harness the youth’s energy in the appropriate way.

He added that the Lagos youths were undoubtedly the face of the state and nation in the future, saying that they were full of wonderful ideas and boundless energy, and sure of shining like a star, if given the correct platform and plenty of opportunities.

The commissioner, however, assured that the state government would hence focus on Talent acceleration and a Smarter Lagos, noting that the government was creating a 10-year roadmap to widening the talent acceleration pipeline to achieve talent sustainability that would deliver a smarter Lagos.



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