Lagos Assembly Moves Closer To Establishing Groundbreaking Research Trust Fund

The bill, sponsored by Hon. Gbolahan Yishawu, successfully passed its second reading during the House session. The proposed legislation seeks to create a trust fund dedicated to the allocation, management, and administration of research funding within the state.

Meranda highlighted the importance of encouraging tertiary institutions in Lagos to engage in impactful research that would benefit the state’s development.

Lawmakers expressed strong support for the bill, commending Yishawu for his initiative. They agreed that the proposed fund would significantly contribute to the state’s advancement in innovation and technology.

In his address, Yishawu emphasized the necessity of the bill, stating that it would drive innovation, stimulate economic growth, and foster technological progress in Lagos. He underscored that as Nigeria’s economic powerhouse, Lagos must not fall behind in scientific and technological advancements.

“A robust research and development funding structure will not only enhance governance but also spur industrialization and solidify Lagos’ position as a leader in innovation,” Yishawu asserted, adding that the bill’s impact would be felt across all sectors in the state.

While analyzing the bill, some lawmakers raised concerns regarding taxation implications but ultimately agreed on the bill’s significance.

Hon. Noheem Adams emphasized that dedicated research funding would empower researchers to produce groundbreaking results that benefit society. He drew parallels to Alexander Graham Bell’s invention of the telephone, noting how difficult it would have been at the time to envision a world where everyone carries a phone in their pocket.

The ad-hoc committee will refine the bill, preparing it for subsequent stages in the legislative process leading to its eventual passage.