Lagos Assembly advances bill to establish State Research Trust Fund

The Lagos State Assembly moves forward with a bill to establish a research trust fund, aiming to drive innovation and economic growth

[dropcap]T[/dropcap]he Speaker of the Lagos State House of Assembly, Princess Mojisola Lasbat Meranda, has committed a bill to establish the Lagos State Research Trust Fund to a sub-committee for further review.

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The bill, sponsored by Hon. Gbolahan Yishawu, has successfully scaled its second reading on the floor of the House.

The proposed law seeks to create a structured research trust fund for the allocation, management, and administration of financial resources dedicated to advancing scientific and technological innovation in the state.

Lawmakers supporting the bill praised its sponsor, emphasising that it would drive economic growth and position Lagos as a leader in technological development.

Yishawu highlighted the importance of research funding in transforming governance and fostering industrialisation. He argued that as Nigeria’s economic hub, Lagos must invest in scientific research to remain competitive.

He also stressed that the bill, when passed, would impact every sector, from education and health to industry and governance.

During deliberations, some lawmakers raised concerns about taxation but ultimately agreed on the bill’s significance.

Hon. Noheem Adams underscored the role of research funding in groundbreaking discoveries, citing Alexander Graham Bell’s invention of the telephone as an example of how innovation shapes society.

The ad-hoc committee is now tasked with refining the bill before it proceeds to the next stage of legislative approval.

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If passed into law, the Lagos State Research Trust Fund will provide the financial backbone needed to support innovation, technological advancement, and sustainable development in the state.