5th April, 2023
By Nimot Sulaimon
President Muhammadu Buhari has inaugurated the National Council for Digital Innovation and Entrepreneurship with the mandate to guide the implementation of the Nigeria Startup Act (NSA) 2022.
The inauguration preceded the Federal Executive Council (FEC) meeting on Wednesday and had members of the Digital Innovation Council in attendance.
Speaking at the inauguration of the 14-member Council chaired by him, the president directed the Secretariat, and the National Information Technology Development Agency (NITDA) to ensure the implementation of the Act.
According to him, the Act provides incentives and support for start-ups, including tax breaks and access to funding.
Buhari said that Nigeria had been at the forefront of the remarkable growth of start-ups in Africa, with Nigerian start-ups raising more than four billion dollars between 2019 and 2022.
“It is worth noting the remarkable growth of start-ups worldwide, with over 400 billion dollars 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 at a remarkable pace.
“In 2022, African start-ups raised a record of 5.4 billion dollars in funding,’’ he said.
Meanwhile, he charged members of the Council to harness the potential of Nigeria’s young and innovative population, which had 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 hereby direct the Minister of Communications and Digital Economy, Prof. Isa Ali Pantami to convene another meeting of the Council in May 2023 to make further progress on the implementation of the Act.
“I congratulate members of the National Council for Digital Innovation and Entrepreneurship on their assignment.
“I wish them a successful and productive engagement in harnessing our youth talents and uplifting our country’s economy to new heights,’’ he said.