Lagos has been revealed as the city with the largest technology hub ecosystem in Africa. According to a report by GSMA in March 2018, there are over 440 active tech hubs in Africa, with South Africa having 59, Nigeria having 55, Egypt having 34, Kenya with 30 and Morocco 25 making up 45% of the total tech hubs in the region. Despite South Africa having the most tech hubs however, Lagos with 31 tech hubs leads Cape Town’s 26 tech hubs and Nairobi’s 25 tech hubs making Lagos the potential Silicon Valley of Africa.

Silicon Valley in Northern California, US is the global capital for technology,  innovation and social media. It is also home to many of the world’s largest high-tech corporations and headquarter to 39 Fortune 1000 businesses and thousands of start up firms. Silicon Valley was birthed through several factors including a strong focus on STEM research and education, the likes of which many cities of the world seek to emulate.

A tech hub which is a physical community that fosters innovation for technology endows startup companies with benefits such as co working facilities, networking opportunities, PR and publicity, access to funding and access to mentorship and training. The leading tech hubs in Nigeria such as  CcHub, MEST, Capital Square, Passion Incubator, Leadpath Nigeria, Impact Hub, iDEA Hub and Wennovation Hub are based in Lagos; some of which are home to leading and innovative applications and software brands in  the Nigerian IT space.

The presence of these technological incubators have also grown the Fintech industry in Lagos which a has huge potential based on Nigeria’s fast growing youth population with 115 million people below the age of 35, deep penetration of mobile phones which was estimated at 150 million in July 2016, huge number of unbanked individuals which is estimated at less than 50 million people out of 170 million based on data from Bank Verification Number. In 2016, Nigeria got more start-up funding than any other African country raising more than USD100 million, one thirds of which went to IT start ups.

Seeing the huge potential of IT start ups for the economy of Lagos, the government through Lagos Innovates- the startup department of the Lagos Employability Trust Fund (LSETF) provides a voucher program that pays for office space for qualified start-ups at tech hubs or co-working spaces from between three months to a year. While commendable, this plan leaves the start up stranded after the expiration of the voucher and this has become an issue within the Lagos Innovates Agency. Also, The Lagos State agency provides loans for co-working facilities that act as incubators and accelerators and support startups up to a maximum of N50m for over four years at a 9% interest rate. There’s also the proposed workshops for unemployed and underemployed Lagosians in software and app development to train individuals to create technologically backed innovative solutions to challenges in the market.

While these are highly commendable, the government needs to leverage on the growing IT ecosystem that is Lagos and use this tool to aggressively combat unemployment, raise internally generated revenue, induce a spike in innovation and creativity and raise the bar of education in the state. It is these opportunities inherent in the IT space that the mandate of Babajide Olushola Sanwo-Olu seeks to exploit.

Babajide Sanwo-Olu, the APC gubernatorial candidate has worked with the progressive government of Lagos state (from the Tinubu era) and has years of solid experience behind him. Babajide Sanwo-Olu has a track record of performance in the public sector and has participated in major economic projects including the privatization and commercialization of several Federal Government-owned companies and parastatals. He also spear-headed the preparation and publication of the Lagos State Economic Empowerment and Development Strategy (LASEEDS). He is reckoned with as a natural leader with strong people skills and is well versed in the principles of inclusion and equal representation in the interest of all.

Babajide Sanwo-Olu has held positions in Lagos state as the acting honourable commissioner for Economic Planning and Budgets, commissioner for commerce & industry, Honourable Commissioner for Establishment, Training and Pensions, Pioneer and Board Member, Lagos state security Trust fund and MD of the Lagos state Property Development Corporation. In the private sector, Babajide Sanwo-Olu has held Senior Management roles at Lead Merchant Bank, United Bank for Africa and First Atlantic Bank (now FCMB) and has entrepreneurial experience in the real estate, power and aviation sectors of the economy.

As it concerns furthering the cause of the ICT ecosystem in Lagos, Babajide Sanwo-Olu will seek collaborations with local and foreign institutions to establish world class training centres for relevant skills required in todays technology industry. He will also upgrade infrastructure and curriculum of the ICT related courses at Lagos State University (LASU). He will provide appropriate incentives for ISPs to implement a Broadband rollout plan for affordable internet access to businesses and homes across Lagos within two years and facilitate the creation of technology hubs, accelerators and co-working spaces in LGAs/LCDAs in the state to promote innovation and empower the youths. He will also stimulate demand by ensuring that the state government patronises viable technology solutions developed by local entrepreneurs.

The story of Silicon Valley is one of progression and deliberate and focused planning to realize potentials while giving room for talent and innovation to thrive. I believe Babajide Sanwo-Olu has the years of experience and expertise behind him to leverage on technology and build Lagos into a world renowned megacity.