START-UP BILL: Buhari Signs Nigeria’s Startups Bill Into Law, Earmarks N10bn Investment Fund

Munachimso
Munachimso

By Munachimso Obienyi

President Muhammadu Buhari on Wednesday signed into law the Nigeria Startups Bills.

This is even as the administration has set up N10 billion Investment Fund for young innovators and also make provision for incentives and tax holidays to encourage local innovators.

The Minister of Communication and Digital Economy, Isa Pantami made the disclosure while briefing State House Correspondents at the Presidential Villa, Abuja on Wednesday.

He said in recognition of the efforts of the Nigeria government in the Information Communication Technology, ICT, Microsoft has decided to train about five million Nigerians on high demands skills geared towards job creation.

According to him, ICT contributed 18.42 per cent to the Gross Domestic Product, GDP this year alone, while the entire contribution of Communication and Digital Economy was 40 per cent.

He explained that the new Act was an Executive Bill initiated by President Buhari through the the collaboration of the Minister of Communication and Digital Economy and the Office of the Chief of Staff to the president.

He said that before the passage of the bill, young innovators from the six geo-political zones of the country were engaged, adding that the Act provides the legal and strategic framework for the innovators to make their contributions to the country.

Pantami said that out of the seven unicorns in Africa, five are from Nigeria, adding that a market value of each unicorn is worth $1 billion.

A unicorn, he explained, is a privately held startup company valued at over $1 billion.

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