President Muhammadu Buhari has inaugurated the National Council for Digital Innovation and Entrepreneurship with the mandate to guide the implementation of the Nigeria Startup Act (NSA) 2022.
He performed the ceremony on Wednesday before the commencement of the weekly Federal Executive Council (FEC) at the Presidential Villa, Abuja.
The President is also the chairman of the 14-member Council.
In his remarks, he directed the Secretariat, the National Information Technology Development Agency (NITDA), to ensure faithful implementation of the Act, which provides incentives and support for start-ups, including tax breaks and access to funding.
The President noted that Nigeria has been at the forefront of the remarkable growth of startups in Africa, with Nigerian start-ups raising over US$4 billion between 2019 and 2022.
He stated: “It is worth noting the remarkable growth of start-ups worldwide, with over US$400 Billion of venture funding accessed in 2022.
“This growth was fuelled by a surge in demand for digital services as people worldwide turned to technology to stay connected, work remotely, and access essential goods and services largely due to the COVID-19 pandemic.
“In Africa, the startup ecosystem has also been growing at a remarkable pace.
“In 2022, African startups raised a record of US$5.4 Billion in funding.”
President Buhari, therefore, charged members of the Council to harness the potential of Nigeria’s young and innovative population, who have demonstrated their ingenuity, creativity, and entrepreneurial spirit in creating innovative solutions to the challenges of the nation and the continent.
