President Buhari Directs Full Implementation of Nigeria Start-up Act
TECH DIGEST– President Muhammadu Buhari has directed the National Information Technology Development Agency (NITDA) to fully implement the Nigeria Start-up Act (NSA). This directive was given during the inauguration of the National Council for Digital Innovation and Entrepreneurship, which the president chairs.
The NSA provides incentives and support for start-ups, such as tax breaks and funding access. The Council’s members include the Vice-President, the Minister responsible for Communications and Digital Economy, and other government officials.
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The Council’s goal is to harness the potential of Nigeria’s young and innovative population, who have demonstrated ingenuity, creativity, and an entrepreneurial spirit in creating innovative solutions to the nation’s and the continent’s challenges. President Buhari charged the Council members to focus on this goal, and he directed the Minister of Communications and Digital Economy to convene another meeting of the Council in May 2023 to make further progress on implementing the Act.
Minister Isa Pantami, responsible for Communications and Digital Economy, noted that Nigeria has been at the forefront of the remarkable growth of start-ups in Africa. Nigerian start-ups rose over $4 billion between 2019 and 2022, with four out of the seven unicorns in Africa valued at $7.5 billion being Nigerian. Pantami stated that digital innovation and digital entrepreneurship were the two prerequisites towards building an indigenous digital economy.
Finally, the Minister informed the Council that Nigeria’s broadband penetration is now at 100% with the deployment of SpaceX’s Starlink satellite Internet service. The National Council for Digital Innovation and Entrepreneurship has a critical role to play in providing support and incentives for Nigerian start-ups, and their efforts could help develop the country’s digital economy.
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