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Lagos Earmarks N250m For Young Tech Prospects

Lagos Earmarks N250m For Young Tech Prospects - InsideMainland
  • Says all Lagos residents are eligible for the N250m grant
  • Unveils new logo for the Lagos Lotteries and Gaming Authority
  • ‘New Gaming Regulations to Protect Interest of Operators, Players’ – Agency Boss

INSIDEMAINLAND – The Lagos State Government through the newly reformed Lagos State Lotteries and Gaming Authority says it has earmarked N250m for young tech prospects.

This was made known on Friday by Governor Babajide Sanwo-Olu at the unveiling of the Lagos State Lotteries and Gaming Authority brand identity formally the Lagos State Lotteries Board.

Recall that in April, Mr. Sanwo-Olu signed into law the Lagos State Lotteries and Gaming Authority Bill of 2021 initiated by the Executive Arm to coordinate activities of lotteries agencies operating within the state.

The newly signed law allows the harmonization of Gaming, Lottery, and other related entities to be enshrined in one statutory umbrella of the State.

Speaking at the event, the Chief Executive Officer of the Lagos State Lotteries and Gaming Authority, Mr. Bashir Are said the N250m fund earmarked for young tech prospects is aimed at helping youths develop Nigerian-Made tech produce.

Governor Babajide Sanwo Olu unveiled the new logo of the Lagos State Lotteries and Gaming Authority alongside the CEO of the Agency, Mr. Bashir Are

Making reference to gaming apps and software, Mr. Are told InsideMainland that the fund will help empower young proteges who will develop Nigerian gaming apps that will be exported outside the shores of Nigeria.

He said: “We realized that most of the gaming applications are foreign-based and we have some of the best youths in the software industry who can replicate this fit.

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“So we want to give them this grant to develop software and gaming apps we can also export abroad. For example, everybody plays candy crush, the candy crush generated about $1.2bn in revenue last year, so just imagine if candy crush was from Nigeria.”

Mr. Are also noted that the implementation of the grant will kick off almost immediately stating that the eligibility of the grant has no age limits and itis open for all Lagos residents.

“The grant is opened to all Lagos residents but it will be through the Lagos Innovation and Research Council and if you have the capability we are giving you the capacity to grow,” he said.

L-R: BBN S6 Kross, Liquorose, Mr. Bashir Are, Governor Babajide Sanwo-Olu, Angel, WhiteMoney, and Olotu Joan Oluwafunmilola

When asked about the harmonization of the gaming law and other regulatory tenets of the law, Mr. Are told InsideMainland that the reform gives room for transparency, compliance, and protecting the industry from other vices like underage gambling.

He revealed that aside the being a regulatory body, the Lagos State Lotteries and Gaming Authority also carry out other social impact activities.

“We have been able to impact the society through grants and donation, refurbishment of schools, hospitals, and sports facilities and we cannot rest on our laurels, we have to continue the good work”. He said.

On the compliance level of operators of lottery and gaming organizations, Mr. Are told InsideMainland that the compliance level has been improving as they now work collaborating with them.

Also reflecting on the new law, the representative of 1XBet, Ewuzie Nnanna Chigozie said the new law has been able to tackle illegal operators and enforce statutory compliance.

“I will like to thank the Lagos State governor for honoring this invitation and we also want to thank Mr. Are because he has been helping tackle the illegal operators and also curbs the multiple taxations by the federal government.