President Muhammadu Buhari has signed the Startups Bills into law, bringing the Nigeria Startups Act 2022 into effect.
Professor Isa Ali Pantami, Minister of Communication and Digital Economy, also revealed that the National Digital Innovation and Entrepreneurship Council will be established by the new Act to State House Correspondents after the private signing ceremony at the Presidential Villa in Abuja.
The government’s intention to offer the necessary enabling conditions for Nigerian emerging entrepreneurs and innovators to handle a variety of difficulties, including those of intellectual property, financing, regulation, and incentive, led to the creation of the new law, according to Pantami.
The Minister, who stated that President Buhari raised the bill from the outset through the Ministry of Communication and Digital Economy and the Office of the Chief of Staff, further stated that the government has set aside N10 billion in start-up funds for entrepreneurs and innovators to draw from.
According to him, Microsoft has agreed to train roughly five million Nigerians in high-demand skills aimed toward job development as appreciation for the Nigerian government’s ICT efforts.
According to him, the ICT sector generated 18.42% of the GDP this year alone, compared to 40% from the communication and digital economy as a whole.
He went on to say that prior to the bill’s passing, young innovators from the country’s six geopolitical zones were involved, and that the Act offers the legal and strategic framework for the innovators to make their contributions to the country.
He stated that five of Africa’s seven unicorns are Nigerians, with each unicorn having a market value of $1 billion.
He defined a unicorn as a privately held startup company worth more than $1 billion.
Soon, more details…
