The group consists of 27 members who come from academia, the private sector, and relevant government agencies, among others. On Wednesday, Isa Pantami, Minister of Communications and Digital Economy inaugurated the committee in Abuja.
The President of the country, President Muhammadu Buhari signed the Startup Bill 2022 into law in October 2022.
The law aims to build and improve an enabling environment in the country for companies with technology, as well as providing access to specialized seed funding. Pantami, as the vice president at the inauguration, stated that the implementation committee should strive to consolidate and strengthen the success of the IT sector in the economy.
“Today, there is a focus on a knowledge-based economy rather than a resource-based economy,” the minister said.
“The gross domestic product of countries like the UK, the US, China, and India increased because they invested in the beginning. Today, digital entrepreneurship, digital innovation, and knowledge build the global economy and we must invest in young people who have innovative ideas. The implementation of action it is an attempt to transform things, making us producers and exporters of ICT products instead of importers. he added.
Pantami emphasized the need to support bright youth and give priority to what they produce to demand at home and abroad.
According to the minister, the group will coordinate operational strategies and create an ecosystem baseline on digital innovation and entrepreneurship.
“Members have the responsibility of mentoring young people in the area, identifying challenges like finances and examining critical requests,” he explained.
He said the federal government has pledged to spend N10 billion ($21.7 million) annually to support the legislation, which could be given to companies in the form of funding, grants, or loans.
Pantami also said that the secretariat of the committee is the National Information Technology Development Agency (NITDA).