For Lagos State and by extension Nigeria to create the desired digital economy and smart city, there is need to resuscitate the Yabacon Valley, build capacity and infrastructure and migrate to other states, speakers at Ehingbeti summit said on Wednesday.
Yabacon Valley is a high-tech innovation hub, an aggregation of tech and tech-based businesses in the Yaba area of Lagos, which started in 2010.
The speakers, including Yinka David-West, academic director, Lagos Business School, Funke Opeke, CEO, MainOne, Segun Ogunsanya, managing director/CEO, Airtel Nigeria, and Iyin Aboyeji of Future Africa, were concerned that the vision of Yabacon has not been fully executed.
They urged the government to come up with a programme for building an ecosystem in the Epe area of Lagos and move on to other states.
Expansionist infrastructure, they said, is important to attract investment and enhance economic viability.
They urged the government to adopt innovation in schools, hospitals and local governments, while also calling for collaboration between the government and the innovators.
Digitising government services could help bring down the cost of governance, therefore government should prioritise digitisation, they said.
Regulation for technology is a good idea, they said, adding that the government should engage with technologists that have the interest of the nation at heart.
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Speaking at a breakout session on ‘Shaping the future of governance with technology’, Hakeem Fahm, Lagos State commissioner for science and technology, said the state is going to drive the transportation system with technology.
He said there is going to be consolidation of transportation like the Metro in Washington D.C. Fahm said the BRT transport e-ticketing will commence soon.
Experts in the technology, economic and business sectors have urged the Lagos state government (LASG) to embark on internal reformative action in the business and education sectors of the state in order to create an avenue for a developed digital economy through innovative and disruptive technological solutions.
Speaking during another breakout session on unleashing disruptive innovation for development, at the ongoing 8th edition of the Ehingbeti Lagos economic summit, Tubosun Alake, Special Adviser for Innovation and Technology, Lagos State said application of disruptive and innovative solutions will fast-track the achievement of smart city and digital economy in the state, however the development and revamp of the education system will be a major and important step in accomplishing this.
“The development of the education system is very important in order to create a chance for innovation because the mind is the factory of innovation, We need to apply trailblazing revolution in the education system and through that birth an advanced Edu-tech system that will proffer solutions for a developed economy
He added that the Lagos state government through its various portfolios especially the Lagos state science and research innovation council (LASRIC) is moving to improve knowledge and skill acquisition in partnership with the private sector in a bid to drive the digital economy, adding that there is already an exercise on curriculum reform across schools.
Olamide Brown, healthcare entrepreneur and founder of the Flying Doctors Healthcare Investment Group, said to unleash disruptive innovation in the system, it is necessary to incorporate critical thinking practices and also interact with developed counties in order to familiarize with new trends and activities in the tech space
“other than having a revolutionary educational system, We need to adopt logical & critical thinking practices as well as improved analytical skills, furthermore, increased interventions from industry experts is crucial,
We also need to regularly interact with diplomatic commissions in developed countries to have an idea of new skills and train people back home with these skills” Brown explained.
She added that it was necessary to catch innovators young, the tech culture and experience should be ingrained in students from secondary schools.
Joseph Tegbe , partner, advisory services practice at KPMG said beyond reforming the education system, it is vital to develop digital and tech skills and also stimulate youth entrepreneurs in the tech space.
We need to create an enabling environment for the youth, the government should partner with the private sector and other government agencies to establish programs aimed at capacity building and financial assistance to youth led startups focused on technology.
He said taking a cue from Cambodia, the government supports young entrepreneurs in the tech space through mentorship opportunities, adequate funding, network opportunities, skills and development programs
He added that implementation of technology friendly policies as well as policy consistency is also a critical factor for economic bloom adding that it is necessary to create policies that will support locally developed technology solutions in order to encourage indigenous innovators.
“Fiscal tax incentives and waivers are important for technology innovators and Research &Development experts, especially young startups leveraging creative technology, who are also unleashing innovation to grow the economy, We can create supply but if we do not create demand it will be very challenging for it to make significant impact” Tegbe explained.
Alice Tomdio, head of finance at Paystack, added that there should be proper awareness about advanced technology and digitalization starting from the government itself, through the transformation of the state into an electronic centered state.
“We need to embrace technology as a first culture and imbibe this into all spheres of state activities,” she said.
More importantly, in accelerating the achievement of a smart city and a digital economy, the Lagos state government was urged to adopt a regular practice of engagement and interactions with the sector players, adding that will birth creative and wide reaching ideas beneficial to the state and the country as a whole.
