FG Inaugurates Nigeria Startup Act Implementation Committee

To support the development of the nation's innovative ecosystem, the Federal Government on Wednesday officially launched the Nigeria Startup Act (NSA) Implementation Committee.

In a mixed ceremony in Abuja, Prof. Isa Pantami, Minister of Communications and Digital Economy, established the committee.

According to NAN, the National Information Technology Development Agency (NITDA) would serve as its secretariat.

On October 19, 2022, President Muhammadu Buhari approved the NSA as an Executive Act, according to NAN.

The Act offers the institutional and legal foundation necessary for the growth and management of startups in Nigeria.

Additionally, it promoted Nigeria's startup environment as the continent's top digital hub and encouraged the growth of tech-related skills there.

Pantami listed the country's ICT sector's accomplishments during the committee's inauguration on behalf of Buhari, adding that the group must endeavour to build on the successes.

“Today, there is the focus on knowledge-based economy rather than resource-based economy.

“The Gross Domestic Products of countries like the UK,the US and China,India are rising because they invested in their startups.

“Today, digital entrepreneurship,digital innovation and knowledge are building the global economy and we need to invest in our youths that have the innovative ideas.

“The implementation of the Act is an attempt to turn things,make us a producer,an exporter of ICT products rather than importer,” Pantami said.

In addition, he stressed the importance of encouraging young people with talent and prioritising domestic consumption while still exporting when necessary.

In recent years, Pantami recalled, he had taken some young Nigerians on the international arena to compete in one technological fair or another, and they had always done well.

He said that the committee's duties include coordinating operating schedules and establishing the ecosystem's foundation for digital innovation and entrepreneurship.

“The members have the responsibilities of mentoring our younger ones in that area,identify their challenges like financially and reviewing their critical requests,” he said.

The minister continued by saying that the FG has promised to spend N10 billion yearly to support the Act, which might be provided to start-ups in the form of grants, loans, or seed money.

The government is committed to fostering an atmosphere that encourages young people's innovative ideas to flourish for wealth generation and national development, according to Mallam Kashifu Inuwa, Director-General of NITDA.

Inuwa, who serves as the committee's Secretary General, added that start-ups have demonstrated to be important generators of economic growth.

The DG, however, gave the committee members the task of assisting in the development of the institutional and legal foundations necessary for the effective implementation of the Act.

The committee's 27 members come from a variety of backgrounds, including academia, business leaders, and relevant government organisations.

Prof. Salahu Junaidu, a professor of computer science at Ahmadu Bello University in Zaria, and Chinenye Mba-Uzoukwu, who serves as co-chairman of the committee, have each pledged to endeavour to implement the Act's requirements.