Buhari promises funding for implementing Nigeria Startup Act 2022

President Muhammadu Buhari on Wednesday inaugurated the National Council for Digital Innovation and Entrepreneurship with the mandate to guide the implementation of the Nigerian Startup Act (NSA) 2022.

A statement by Femi Adesina, Special Assistant to the President on Media and Publicity, said the President gave the mandate at the inauguration of the 14-member Council chaired by him.

He directed the Secretariat, the National Information Technology Development Agency (NITDA), to ensure faithful implementation of the Act, which provides incentives and support for Startups, including tax breaks and access to funding.

The inauguration preceded the Federal Executive Council (FEC) meeting and had the Digital Innovation Council members in attendance.

The President noted that Nigeria has been at the forefront of the remarkable growth of Startups in Africa, with Nigerian Startups raising over US$4 billion between 2019 and 2022.

“It is worth noting the remarkable growth of Startups 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 remarkably.

‘‘In 2022, African startups raised a record of US$5.4 billion in funding,’’ he said.

President Buhari 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 at this moment 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 StartupStartup 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 December 15, 2021, and the Presidential assent on October 19, 2022, provides incentives and support for Startups, such as tax breaks, access to funding, ease of doing business, intellectual property protection, and participation in public procurement.