To assist in the development of the country’s digital innovation ecosystem, the Federal Government (FG) has established the Nigeria Startup Act (NSA) implementation committee.
The committee is made up of 27 members drawn from academia, private industry, and relevant government agencies, among other sources.
On Wednesday, Isa Pantami, the Minister of Communications and Digital Economy, inaugurated the committee in Abuja.
BizWatch Nigeria reports that the Startup Bill 2022 was signed into law by President Muhammadu Buhari in October 2022.
The law aims to create and develop an enabling environment in the country for technology-enabled startups, as well as to provide them with access to special seed funds.
Pantami, speaking on behalf of the president at the inauguration, stated that the implementation committee must work toward integrating and improving the ICT sector’s achievements in the economy.
“Today, there is the focus on a knowledge-based economy rather than a resource-based economy,” the minister said.
“The gross domestic products of countries like the UK, the US, China, and India are rising because they invested in their startups.
“Today, digital entrepreneurship, digital innovation and knowledge are building the global economy and we need to invest in our youths that have innovative ideas.
“The implementation of the act is an attempt to turn things, make us a producer, and exporter of ICT products rather than importer.”
Pantami emphasized the importance of supporting talented youths and prioritizing what they produce for both domestic and export consumption.
According to the minister, the committee will coordinate operational plans and establish the ecosystem’s baseline in terms of digital innovation and entrepreneurship.
“The members have the responsibility of mentoring our younger ones in that area, identifying their challenges like financially and reviewing their critical requests,” he explained.
He stated that the federal government has agreed to spend N10 billion per year to support the act, which can be given to startups in the form of seed funds, grants, or loans.
Pantami also stated that the committee’s secretariat will be the National Information Technology Development Agency (NITDA).
Kashifu Inuwa, director-general of NITDA, stated that the government has demonstrated its commitment to creating an enabling environment for young people’s innovative ideas to thrive in order to create wealth and national development.
Inuwa, who is also the committee’s secretary-general, stated that startups have proven to be important drivers of economic growth.
As a result, he charged the committee members with assisting in the development of the legal and institutional framework necessary for the act’s successful implementation.
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