The Lagos State government has established the Knowledge, Innovation, Technology, and Entrepreneurship (KITE) Project, in an effort to implement the Nigerian Startup Act (NSA2022) within the state.
A workshop held at Eko Innovation Centre, saw attendees such as startup founders, technology experts, and enthusiasts come to discuss the Nigerian Startup Act and its policies, scope and objectives. The event also birthed the KITE project.
According to the Startup Act 2022, a startup is “a firm that has been in operation for no more than ten (10) years and whose aims include the invention, innovation, production, development, or adoption of a new digital technology creative product, service, or method.”
The Act also provides a legal and institutional framework for Nigerian startups, as well as an enabling environment for their establishment, development, and operations.
The KITE project is expected to significantly contribute to Nigeria’s economic development and position Lagos State as the hub for innovation in Nigeria. Also, as the state is becoming a popular location for technology investors and entrepreneurs, it will enable the state to further push its technology and innovation agenda.
Starting with the Yaba area of Lagos state, the project will serve as a medium for the government and private sector to create an ICT cluster. Yaba is known as the bedrock of internet-enabled businesses, with over 60 startups and active venture capital firms in residence. It is also a thriving centre for innovation in Nigeria. The Yaba KITE cluster is expected to be Africa’s main source of transformational solutions by 2030, propelling the continent’s socio-economic progress via technological leadership, disruptive innovation, and high-quality stem talent. Access to financing, advocacy and marketing, research and development, network and cooperation, talent, skills, education, infrastructure, policy, regulation, and governance are also goals of the KITE initiative.
