Key highlights
- President Buhari has inaugurated the National Council for Digital Innovation and Entrepreneurship to implement the Nigeria Startup Act.
- The President said the implementation of the Startup Act will address several challenges confronting startups in Nigeria and empower many young Nigerians.
- The President also directed the Council to hold its second meeting in May to assess the progress of the implementation.
President Muhammadu Buhari has said that the implementation of the Nigeria Startup Act 2022, will turn the country into a global talent factory. The President stated this as he inaugurated the National Council for Digital Innovation and Entrepreneurship with the mandate to guide the implementation Startup Act on Wednesday.
According to him, the Act provides incentives and support for start-ups, including tax breaks and access to funding. The inauguration preceded the Federal Executive Council (FEC) meeting and had members of the Digital Innovation Council in attendance.
Buhari charged members of the Council to harness the potential of Nigeria’s young and innovative population, which had demonstrated their ingenuity, creativity, and entrepreneurial spirit in creating innovative solutions to the challenges of the nation and the continent.
Next Council meeting is to hold in May
While describing the Startup Act 2022 as a testament to the vision and commitment of his administration to harness the potential of Nigeria’s young and innovative population, President Buhari said:
- “With this inauguration, which serves as our first meeting, I hereby direct the Minister of Communications and Digital Economy, Prof. Isa Ali Pantami to convene another meeting of the Council in May 2023 to make further progress on the implementation of the Act.
- “I congratulate members of the National Council for Digital Innovation and Entrepreneurship on their assignment. I wish them a successful and productive engagement in harnessing our youth talents and uplifting our country’s economy to new heights.”
Nigeria leading the startup growth in Africa
The president said that Nigeria had been at the forefront of the remarkable growth of startups in Africa, with Nigerian start-ups raising more than four billion dollars between 2019 and 2022.
- “It is worth noting the remarkable growth of start-ups worldwide, with over 400 billion dollars of venture funding accessed in 2022. This growth was fuelled by a surge in demand for digital services as people worldwide turned to technology to stay connected, work remotely, and access essential goods and services largely due to the COVID-19 pandemic.
- “In Africa, the startup ecosystem has also been growing at a remarkable pace. In 2022, African start-ups raised a record of 5.4 billion dollars in funding,’’ he said.
The President commended the efforts of Pantami and the Chief of Staff, Prof. Ibrahim Gambari for the achievements so far recorded with the Startup Act.
Nairametrics recalls that the Startup Act was developed in collaboration with the Office of the Presidency, the Federal Ministry of Communications and Digital Economy, with the support of the Tech Ecosystem. The Act became law after its approval by FEC on Dec. 15, 2021, and the Presidential assent on Oct. 19, 2022.
