To secure the successes recorded in the Startup subsector, President Muhammadu Buhari, yesterday inaugurated the National Council for Digital Innovation and Entrepreneurship.
According to a statement by the Special Adviser to the President on Media and Publicity, Mr. Femi Adesina, the new Council is tasked with the mandate to guide the implementation of the Nigeria Startup Act (NSA) 2022.
Speaking at the inauguration of the 14-member Council chaired by him, the President directed the Secretariat, the National Information Technology Development Agency (NITDA) to ensure faithful implementation of the Act, which provides incentives and support for start-ups, including tax breaks and access to funding.
The inauguration preceded the week’s Federal Executive Council (FEC) meeting and had members of the Digital Innovation Council in attendance.
The President noted that Nigeria has been at the forefront of the remarkable growth of startups in Africa, with Nigerian start-ups raising over US$4 billion between 2019 and last year.
”It is worth noting the remarkable growth of start-ups worldwide, with over US$400 Billion 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 startups raised a record of US$5.4 Billion in funding,” he said.
President Buhari, therefore, charged members of the Council to harness the potential of Nigeria’s young and innovative population, who have demonstrated their ingenuity, creativity, and entrepreneurial spirit in creating innovative solutions to the challenges of the nation and the continent.
”With this inauguration, which serves as our first meeting, I hereby direct the Minister of Communications and Digital Economy, Professor Isa Ali Ibrahim (Pantami), to convene another meeting of the Council in May 2023 to make further progress on the implementation of the Act.
”I congratulate the members of the National Council for Digital Innovation and Entrepreneurship on their assignment and wish them a successful and productive engagement in harnessing our youth talents and uplifting our country’s economy to new heights,” the President said.
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, the President recalled that it was developed in collaboration with his office, the Federal Ministry of Communications and Digital Economy, with the support of the Tech Ecosystem.
He explained that the Act, which became law after its approval by the Federal Executive Council on 15th December 2021 and the Presidential assent on 19th October, 2022, provides incentives and support for start-ups, such as tax breaks, access to funding, ease of doing business, intellectual property protection, and participation in public procurement.
He particularly commended the efforts of Pantami and the Chief of Staff, Professor Ibrahim Gambari, for this achievement.
The Nation Newspaper
