Lagos Assembly Advances Research Trust Fund Bill to Boost Innovation
Lagos Assembly Advances Research Trust Fund Bill to Boost Innovation
Lagos Assembly Advances Bill for Research Trust Fund
The Lagos State House of Assembly has taken a significant step toward enhancing research and innovation in the state by advancing a bill to establish a State Research Trust Fund.
Speaker Princess Mojisola Lasbat Meranda committed the bill to a sub-committee after it successfully scaled its second reading on the House floor. The bill, sponsored by Hon. Gbolahan Yishawu, aims to create a state research trust fund for the allocation, management, and administration of research funding.
Lawmakers Back the Bill, Emphasize Innovation
Supporting the bill, several lawmakers praised Yishawu for his initiative, acknowledging that it would drive innovation, economic growth, and technological advancement in Lagos.
Yishawu argued that Lagos, as Nigeria’s economic hub, must not lag in scientific and technological development. He emphasized that a well-structured research and development funding system would boost governance, stimulate industrialization, and position the state as a leader in innovation.
He further stated that the bill, once passed, would positively impact various sectors of the state.
Debate Over Taxation and Funding
During deliberations, some lawmakers raised concerns over the potential taxation structure required to fund the initiative. However, there was a consensus that the bill was crucial for the state’s development.
Hon. Noheem Adams highlighted that adequate funding would enable researchers to produce results that benefit society. He illustrated this by referencing Alexander Graham Bell’s invention of the telephone, noting how difficult it would have been at the time to predict that mobile phones would one day be in everyone’s pocket.
Next Steps
The ad-hoc committee assigned to the bill is expected to fine-tune its details before further legislative processes leading to its passage. If enacted, the research trust fund is anticipated to play a pivotal role in advancing scientific discoveries, technological innovations, and economic development in Lagos State.
