NewsFG Inaugurates Nigeria Startup Act Implementation Committee

FG Inaugurates Nigeria Startup Act Implementation Committee

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March 09, (THEWILL) – The Federal Government, on Thursday, inaugurated the Nigeria Startup Act (NSA) Implementation Committee to help build the country’s innovative ecosystem.

The Committee consists of 27 members drawn from academia, private industry players and relevant government agencies, among others.

It is Chaired by Salahu Junaidu, Professor of Computer Science at Ahmadu Bello University, Zaria and Co-Chaired by Chinenye Mba-Uzoukwu,

Minister of Communications and Digital Economy, Prof. Isa Pantami, who inaugurated the Committee in a hybrid event in Abuja, on Thursday, said the National Information Technology Development Agency (NITDA) will serve as its Secretariat.

The Nigeria Startup Act (NSA) was signed into law by President Muhammadu Buhari on Oct. 19, 2022, as an Executive Act. The Act provides the legal and institutional framework for the development and operation of startups in Nigeria.

It also positions the Nigerian startup ecosystem as the leading digital hub in Africa and fostering the development of technology-related talent in the country.

Pantami, while inaugurating the committee on behalf of President Muhammadu Buhari, enumerated the achievements of the ICT sector in the country, adding that the Committee needs to work to consolidate the achievements.

“Today, focus is on knowledge-based economy rather than resource-based economy. The Gross Domestic Product 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 around, make us a producer, an exporter of ICT products rather than importer,” he said, adding that there was a need to support talented youths and prioritise what they produce for our consumption as well as export as the need arose.

Pantami recalled that in recent years, he had led some Nigerian youths to the global stage to compete in one technology fair or the other, adding that, ”they had always excelled.”

According to him, the Committee is expected to coordinate operational plans and establish the baseline of the ecosystem in terms of digital innovation and entrepreneurship.

“It has the responsibilities of mentoring our younger ones in that area, identifying their challenges like financially and reviewing their requests critically,” he said.

The Minister added that FG had agreed to expend N10billion annually to support the Act, which can either be given to the start-ups as seed funds, grants or loans.

Also, Director-General (DG) of the NITDA, Mallam Kashifu Inuwa, said the government was committed to creating an enabling environment for young people’s innovative ideas to thrive for wealth creation and national development.

Inuwa, who is the Secretary General of the Committee, said start-ups had proven to be key drivers of economic growth.

The DG, however, charged the Committee members to help create the legal and institutional framework on which the Act can be successfully implemented.

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