Nigeria's President, Muhammadu Buhari Signs Startup Bill To Law

Nigeria's President, Muhammadu Buhari Signs Startup Bill To Law

President Muhammadu Buhari has signed the Startup Bill into law in Nigeria.

From henceforth, it will be addressed as the Startup Act 2022. A law that gives Nigerian startups advantages with investment, tighter regulations and tax breaks.

The event was revealed by Isa Pantami the nation’s Minister of Communication, he made the announcement in the State House while hosting correspondents in the Presidential Villa, Abuja.

According to him, the Nigerian government is making strides in the information and communication, ICT, sector of the nation, an example is the Microsoft partnership, an initiative that is meant to train about five million Nigerians, equipping them with skills in high demands, one that will generate job creations.

He revealed that ICT has so far in the year 2022 contributed about 18,42 per cent to the nation’s Gross Domestic Product, GDP, likewise the whole Communication and Digital Economy has contributed 40 per cent to the GDP. Explaining the new Act, he noted that it was an Executive Bill which was initiated by the President himself, having the partnership of the Chief of Staff to the President, and the Minister of Communication and Digital Economy.

Before the bill was passed, Pantami revealed that there was an engagement of young innovators from the country’s six geopolitical zones, in addition, the Act enables the provision of the strategic and legal framework for innovators to contribute to the country’s development. While discussing the types of startup functioning in the nation, He noted that there the African continent has Seven unicorns, five of which come from Nigeria all having a market value of One billion US dollars ($ 1 billion) each.

President Muhammadu Buhari will also be chainring a Presidential council in Digital Innovation and Entrepreneurship, while VP Yemi Osinbajo will be acting as the vice chairman of the event. This was also revealed by the Minister.