Isa Pantami, Minister of Communications and Digital Economy announced on Wednesday, that President Muhammadu Buhari has signed the Nigeria Startup Bill into law, following a meeting with the President in Aso Villa.
He revealed that the startup bill, which was passed on July 20, 2022, was initiated by the executive arm and seeks to create an enabling environment for Nigerian tech-based startups.
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Pantami went on to say that the law, which has huge implications for the Nigerian economy, took an approach that allows startups to identify and voice business challenges.
According to the provisions of the law, the Federal Government intends to establish a 10 billion naira startup fund in the country.
In 2022, the information and communications technology sector has already contributed 18.42 per cent to the nation’s economy.
In his official statement, Buhari said, “Our young people are our most valuable natural resource, at home and abroad. Their ingenuity, creativity, innovation and entrepreneurial spirit are evident to all.
“We will partner with the legislature to develop an enabling environment to turn their passions into ideas that can be supported, groomed and scaled.”
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The Nigeria Startup Bill project is a collaborative effort between Nigeria’s tech startup ecosystem and the Presidency to maximize the potential of our digital economy through co-created regulations.
The Bill will ensure that Nigeria’s laws and regulations are clear, well-planned, and beneficial to the tech industry. This will help to create an enabling environment for growth, as well as attract and protect investment in tech startups.
