LAGOS STATE PLANS TO LAUNCH A VENTURE FUND


Between halting its planned audits of tech hubs, and plans to domesticate the Nigeria Startup Bill, Nigeria’s most populous state has more good news for tech folks: Lagos State has plans to launch a new venture fund. 

The announcement was made at the just-concluded GITEX 2022 in Dubai where the special advisor to the Lagos state governor on innovation and technology, Olatunbosun Alake, revealed that the government is planning to launch its a venture capital fund that will “write bigger equity cheques for Nigerian startups than most privately-owned VC.”

“We are working to launch a Lagos venture fund of bigger ticket sizes,” Alake said. The advisor also mentioned that the fund would focus on several sectors including agritech, fintech, healthtech and “mission critical products that will serve citizens.”

While Alake didn’t reveal the size of the funds and the actual ticket sizes, he mentioned that it will launch “a few weeks from now” and the state is already in conversations with some local and foreign investors who will join as limited partners (LP) while Lagos state serves as the managing partner. 

Zoom out: This news comes after the state reportedly made equity-free investments in Lagos-based startups through Lagos State Science Research and Innovation Council (LASRIC). Nigeria might be enforcing laws that make tech entrepreneurship difficult, but it looks like Lagos is embracing them. 

TECHCABAL