The President, Major General Muhammadu Buhari (retd.), on Wednesday, in Abuja, inaugurated the National Council for Digital Innovation and Entrepreneurship to implement the provisions of the Nigeria Startup Act signed into law in December 2022.
The inauguration held shortly before this week’s Federal Executive Council meeting at the Council Chambers of the State House, Abuja.
Speaking at the inauguration of the 14-member Council which he chairs, the President directed the Secretariat, the National Information Technology Development Agency to ensure faithful implementation of the Act, which provides incentives and support for start-ups, including tax breaks and access to funding.
He noted that Nigeria has been at the forefront of the growth of startups in Africa, with Nigerian start-ups raising over $4bn between 2019 and 2022.
‘‘It is worth noting the remarkable growth of start-ups worldwide, with over $400bn of venture funding accessed in 2022.
‘‘This growth was fueled 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 $5.4bn in funding,’’ he said.
He directed the Minister of Communications and Digital Economy, Professor Isa Pantami, to convene another meeting of the council in May 2023 to make further progress on the implementation of the Act.
In his remarks, Pantami noted that the inauguration of the council would support the Buhari regime to consolidate the gains and achievements recorded in the digital economy sector.
‘‘This administration has set three unprecedented records when it comes to ICT contributions to GDP. For example, in the first quarter of 2020, ICT alone contributed to 14.07 per cent to the country’s GDP.
‘‘In the second quarter of 2021, ICT alone, without digital services, contributed 17.92 per cent to GDP while in the second quarter of 2022, ICT contributed 18.44 per cent.
‘‘Annually, this administration has been setting new records when it comes to ICT contributions to GDP,’’ he said.
He revealed that a recent evaluation conducted by the OSGF, FCDO and KPMG, indicated that revenue generation in the ICT sector rose from $51bn in 2019 to $408bn in 2022, an increase of 594 percent.
“This is commendable and I believe this will consolidate the achievements and the gains we have recorded so far” he boasted.
The minister also explained to the council that Nigeria’s broadband penetration is now 100 per cent with the deployment of SpaceX’s Starlink satellite Internet service.
The NCDIE, which is chaired by the President, has 13 other members. They include Vice President Yemi Osinbajo as Vice Chairman, and Minister of Communication and Digital Economy, Pantami, who shall preside over the council in the absence of the chairman and vice chairman.
Other members are Ministers of Finance, Budget and National Planning; Industry, Trade and Investment; Science, Technology and Innovation, Governor of Central Bank of Nigeria, four representatives of the startups consultative forum and one representative of the Nigerian Computer Society, one representative of the Computer Registration Council of Nigeria and the Director General of the Nigerian Information Technology Development Agency, as secretary of the council.
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