Official 27-man Nigeria Startup Act 2022 Implementation Committee
The Federal Government will spend N10 billion annually to encourage young innovators in the country to create innovative indigenous startups to reduce imports and encourage Nigerian exports.
Consequently, the government created a 27-person Nigeria Startup Act 2022 Implementation Committee charged with creating a baseline ecosystem for digital innovation and entrepreneurship,
The committee chaired by Professor of Computer Science at Ahmadu Bello University, (BUK) Zaria, Prof. Sahalu Junaidu and Chinenye Mba-Uzoukwu also has a mandate to create guidelines, mentor young innovators and connect with national ICT partners. throughout the country in addition to identifying the challenges they are experiencing financially.
The Minister of Communications and Digital Economy, Isa Ali Pantami who announced this while inaugurating the committee yesterday in Abuja, explained that the plan is to ensure that instead of using technology imported from other countries, we support young innovators because we have talent and prioritize what they develop for our consumption and exports.
Pantami who stated that Nigeria will gain a lot from the implementation of the Nigeria Startup Act 2022, said, “According to this approach we have a city like Silicon Valley today, adding that this is an effort to transform by making Nigeria a producer instead of a consumer, we want the situation which produces, consumes and exports instead of importing.
He noted that around the world, priority is given to the knowledge-based economy and that most of the world’s large economies are driven by digital companies.
Pantami explained that N10 billion annually supports young people interested in the sector, stressing that funding support will sometimes be free or in the form of grants or loans to support innovative ideas.
He observed that the ICT sector recorded unprecedented achievements and contributed significantly to the GDP which has helped diversify the country’s economy.
The minister noted that the journey began in 2021 with the drafting of the Nigeria Startup Bill which had the input of industry players and stakeholders from the government and the private sector, then passed into law by the National Assembly and then approved by President Muhammadu. Buhari in October 2022.
He said that from October 2022, the government has contacted the judiciary for legal guidance to ensure smooth implementation of the Act.
In his foreword, the Director General of the Nigeria Information Technology Development Agency (NITDA), Kachifu Inuwa Abdullahi, said that Startups are the main drivers of economic growth and added that the implementation of the Nigeria Startup Act 2022 will be a game changer for the country. ICT sector.
He noted that the inauguration of the committee shows the unwavering commitment of the government to the development of Nigeria’s startup ecosystem and added that the government is ready to create an enabling environment for young Nigerians to develop indigenous technologies for local consumption and export.