Connect with us

News

President Buhari Signs Nigeria Startups Bill Into Law For Young Innovators

Published

on

President Muhammadu Buhari has signed the startup bill into law to provide the required enabling environments for young innovators in the country.

President Buhari Signs Nigeria Startups Bill Into Law For Young Innovators

Buhari Signs Startup Bill

The Minister of Communication and Digital Economy, Isa Pantami disclosed this to State House Correspondents shortly after the bill was signed by Buhari at the Presidential Villa, Abuja.

Pantami said the startup bill passed on July 20, 2022, was initiated by the executive arm and seeks to create an enabling environment for tech-based startups in Nigeria.

He further revealed that the law which holds huge benefits for the Nigerian economy, adopted an approach to allow startups to identify business challenges and voice them out.

Based on the provisions of the law, the Federal Government has set up N10 billion Investment Fund for young innovators and also makes provision for incentives and tax holidays to encourage local innovators.

READ:  CJN, Olukayode Ariwoola Had No Phone Conversation With Tinubu, DSS Boss - S'Court

Pantami said in recognition of the government’s effort in Information Communication Technology, (ICT), Microsoft has decided to train about five million Nigerians on high demands skills geared towards job creation.

He said the 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.

The minister 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 Offoce 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.

READ:  Coronavirus: Two Popular Nigerian Churches Hold Sunday Service Despite Ban On Religious Gatherings

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

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

The Minister said there will be a Presidential Council on Digital Innovation and Entrepreneurship to be chaired by the President, while the Vice President serves as the vice chairman.

The Council, he further said would have membership from the government and private sectors as well as representatives from the academia.

The Council under the chairmanship of the President would help to curb the incessant harassment of the youths with laptops computers by the security agencies who are always tagged as ‘yahoo yahoo boys,’ Pantami said.

READ:  "Don't Call Buhari 'Baba Go Slow' Again" - Oshiomhole Gives President New Nick Name

How Hundreds Of Boko Haram Terrorists Escaped In Niger Prison Break
Metro10 hours ago

How Hundreds Of Boko Haram Terrorists Escaped In Niger Prison Break

Secondary School Collapses In Plateau, Killing Over 16 Students
Metro10 hours ago

Secondary School Collapses In Plateau, Killing Over 16 Students

"Chatter Is Live" - Davido Announces Launch Of His Own Social Media Platform
Entertainment14 hours ago

“Chatter Is Live” – Davido Announces Launch Of His Own Social Media Platform

Court Grants N10bn Bail To Ex-Power Minister, Saleh Mamman Over Alleged N33bn Fraud
News14 hours ago

Court Grants N10bn Bail To Ex-Power Minister, Saleh Mamman Over Alleged N33bn Fraud

"I Can Never Overemphasise The Joy I Found In Peace" - Tonto Dikeh Declares
Entertainment16 hours ago

“I Can Never Overemphasise The Joy I Found In Peace” – Tonto Dikeh Declares

“I'm Ready To Walk With You Forever” – Biodun Okeowo Tells Fiance Ahead Of Wedding
Entertainment17 hours ago

“I’m Ready To Walk With You Forever” – Biodun Okeowo Tells Fiance Ahead Of Wedding

"Are You Okay?" - Tacha Akide Playfully Dances And Twerks In Hospital Room [Video]
Celebrities17 hours ago

“Are You Okay?” – Tacha Akide Playfully Dances And Twerks In Hospital Room [Video]

Yhemo Lee And Girlfriend, Thayour Set To Get Married, Share Wedding Invites [Video]
Celebrities18 hours ago

Yhemo Lee And Girlfriend, Thayour Set To Get Married, Share Wedding Invites [Video]

Joe Biden Calls Kamala Harris ‘Vice President Trump’ At Press Conference [Video]
News19 hours ago

Joe Biden Calls Kamala Harris ‘Vice President Trump’ At Press Conference [Video]

Supreme Court Bar Governors From Holding Local Government Funds
News1 day ago

Supreme Court Bar Governors From Holding Local Government Funds

"He's My Guy" - Basketmouth Reveals Why He Mocked Wizkid During Davido’s Wedding [Video]
Entertainment2 days ago

“He’s My Guy” – Basketmouth Reveals Why He Mocked Wizkid During Davido’s Wedding [Video]

Joke Silva Celebrates Her Husband, Olu Jacob On His 82nd Birthday [Video]
Entertainment2 days ago

Joke Silva Celebrates Her Husband, Olu Jacobs On His 82nd Birthday [Video]

Prankster Zfancy Released On Bail After One Week In Police Custody [Video]
Entertainment2 days ago

Prankster Zfancy Released On Bail After One Week In Police Custody [Video]

Blessing CEO Advises Davido And Sophia Momodu On Child Custody Battle [Video]
Celebrities2 days ago

Blessing CEO Advises Davido And Sophia Momodu On Child Custody Battle [Video]

Patoranking Recounts How He Hawked With His Father On The Streets Of Lagos
Entertainment2 days ago

Patoranking Recounts How He Hawked With His Father On The Streets Of Lagos

How To Withdraw From Hamster Kombat 1
Tech and Gadgets2 days ago

How To Withdraw From Hamster Kombat

'I'm Ready To Die, But I'll Take A Lot Of You Bullies With Me" - Toyin Abraham [Video]
Entertainment2 days ago

‘I’m Ready To Die, But I’ll Take A Lot Of You Bullies With Me” – Toyin Abraham [Video]

Copa America 2024: Argentina Mocks Drake After $300K Bet Loss On Canada
Celebrities3 days ago

Copa America 2024: Argentina Mocks Drake After $300K Bet Loss On Canada

How To Check Your Mental Age
Health3 days ago

How To Check Your Mental Age

Toyin Abraham Faces Backlash For Using Police To Arrest Her Critic And His Mother
Entertainment3 days ago

Toyin Abraham Faces Backlash For Using Police To Arrest Her Critic And His Mother