Nigeria Startup Bill: A Rare 50th Birthday Anniversary to Prof. Pantami, by Abu Andrew
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TECHDIGEST- Yesterday the news came to me with joy that HE. Mr President Mohammadu Buhari assented to the Nigerian startup bill (NSB) . A lot of work was put into the bill which was an executive bill initiated by the FG and Prof Pantami led the Charge from the FG angle and the OVP, NITDA and other stakeholders including the Young innovators of Nigeria at the various stages of the bill. The NSB now NSA is a very welcome development for the startup innovation ecosystem, it will be recalled that the startup ecosystem was birthed by the pioneer minister for communications Mrs. Omobola Johnson and that initiative was transformed and given the much needed attention from where Mrs. Johnson left it by the current minister for communications and digital economy Prof Isah Ali Ibriahim Pantami . The objective of the bill is to develop an institutional framework for the development of the Nigeria innovation ecosystem. It was signed yesterday by President Buhari to be a startup ACT, which I consider a 50th Birthday gift to Nigerian startups from the Minister of Communications and digital economy, the man who has championed the bill alongside other stakeholder from inception to now. Primarily this ACT now will solidify our Innovation ecosystem by serving as a cushion/ Launchpad for startups to take more innovative risk in developing solutions that can address our challenges, startups don’t need to think about where to access fund and the much needed regulatory and structural framework they need to thrive is provided in this ACT. It is pertinent to note that the ACT made provision for the provision of an enabling environment for the development and operations of startup to enable them compete globally among other peers. This will further foster the development of technology enabled talents to think deep and reposition the Nigeria startup ecosystem as a leading digital technology hub because of the quality of solutions that will be birthed that are globally competitive hence set the country startup ecosystem as one of the leading drivers to achieve the AFICTA goals if we get the implementation right. The era of Pantami has witness many wins for the communications and startup ecosystems because the policies are clear direct and practical to the challenges that needed to be addressed within the digital economy space, hence this addresses one of the pillars or more he has developed for the achievement of the digital economy. The ACT when implementation begin in earnest can create more than 10,000 direct jobs within the first few months that is why I called it a birthday gift from professor, Pantami . this is one of the biggest gift to us in the innovation ecosystem and we are most appreciative to President Buhari and the digital economy champion of Africa our own Professor Pantami for seeing this to the logical conclusion . it is coming a day to the 50th Birthday of our dear minister and I think Mr. President choose the right day to sign the bill to ACT. One of the happiest day for me as a person because I have always compared and advocated for the creation of a ministry of entrepreneurship and digital innovation, now we have a brown new council facilitated by pantami which we go down in Nigeria technology history. The council will be used as a special purpose vehicle for the development and restructuring of the startups in Nigeria, the council will synergize with other agencies of government to support our ecosystem. We all know that seed funding and access to capital remains a huge challenge to our startups and the ACT clearly addressed that , it has an initial 10 billion endowment fund for seed funding. So I see the Federal Government taking direct steps to work with this very important sector we are operating , we have the capacity to lift millions out of poverty within a short time as technology entrepreneurs do everywhere .
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The startup engagement portal is also a critical element in the implementation, I can say the bill was well planned, I had participated in the public hearing and made my inputs but what I am reading as the final act means the government actually listened and all bottlenecks for implementation will be minimized with the final document.
The ACT will further strengthen the support to innovation hubs and accelerators to be the driving house for the development of the much needed skills and human capital development the startups will need to have to thrive.
Its all encompasses from regulatory to tax and fiscal incentives support to the startups from ideation to market stage. What a good time to be a Nigerian startup, so it comes with many opportunities and if we are willing to work hard we will reap all the benefits within a short time. So I salute everyone who have been part of this work.
NITDA pushed so hard for this and the Innovation support network. The Young innovators of Nigeria as an advocacy group that has supported and created platform for Nigerian startups since 2013 is proud to be a supporter of this ACT and is willing to collaborate with government in the implementation of the ACT . This is the beginning of the new era in our industry and we are happy to play a lead role . Once again is happy Birthday to the pioneer digital economy minister prof. Isa Ali Ibrahim FBCS FNCS who has given us this gift of many colors. I wish to join every member of the startup ecosystem in thanking the Honorable minister for this gift while wishing him long life and more opportunities to contribute to the development of Nigeria, we are proud of your achievement and commitment to our growth.
ANDREW ABU. FIMC MNCS MCPN PRESIDENT/FOUNDER YOUNG INNOVATORS OF NIGERIA
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