Nigeria Inaugurates Digital Innovation And Entrepreneurship Council

Nigeria’s President, Muhammadu Buhari has urged the National Digital Innovation and Entrepreneurship Council to harness the nation’s youth talents and uplift Nigeria’s economy to new heights.

He made the call on Wednesday while inaugurating the council at the Council Chambers of the Presidential Villa, Abuja, shortly before the commencement of this week’s cabinet meeting.

He said: “I congratulate the members of the National Council on Digital Innovation and Entrepreneurship on their assignment and wish them a successful and productive engagement in harnessing our youth talents and uplifting our country’s economy to new heights.”

The President said the Council was established to guide the implementation of the Nigeria Start-ups Act 2022, which buttresses the government’s commitment to tapping young Nigerians’ talents in the digital technology sector.

“The Nigerian Start-up Act 2022 is a statement to the vision and commitment of our administration to harness the potentials of the Nigerian young and innovative population who have demonstrated their ingenuity, creativity and entrepreneurship spirit in creating innovative solutions to the challenges we face as a nation.

“The Act, which was developed in a collaborative approach between the office of the President and the Ministry of Communications and Digital Economy with the support of the technical ecosystem, provides incentives and support for start-ups such as tax breaks, access to funding, ease of doing business, intellectual property protection and participation in public procurement,” he said.

President Buhari expressed delight at the rate of growth in the Nigerian economy due to the revamping of the digital sector.

He said Nigerian start-ups alone have been able to raise over $4 billion for the country in three years.

“It is worth noting the remarkable growth of start-ups worldwide with over $400 billion of venture funding access in 2022 as people worldwide turned to technology to stay connected, work remotely and access essential goods and services largely due to the coronavirus pandemic.

“In Africa, the start-up ecosystem has also been growing at a remarkable feat. In 2022, African start-ups raised a record of $5.4 billion and Nigeria has been at the forefront of this growth with Nigerian start-ups raising over $4 billion between 2019 and 2022,” the President stated.

He however noted with dismay, some challenges confronting the significant progress of the nation’s start-ups.

He said: “As we aim to become a global tailored factory through the implementation of the Nigerian Start-ups Act 2022, Nigeria’s start-up ecosystem still faces significant challenges such as access to funding, support infrastructure and security payment. These remain major barriers to the ecosystem’s growth, particularly for early-stage start-ups.

“The Nigerian Start-ups Act 2022 provisions present an important step towards addressing these challenges and promoting the growth and inclusive start-ups ecosystem in Nigeria. Furthermore, the implementation of the Act led to consolidation and further development of the gains recorded in the digital economy.”

In his remarks, Minister of Digital Economy, Prof. Isa Pantami, noted that it is widely accepted that digital innovation and digital entrepreneurship are the two prerequisites towards building an indigenous digital economy.

He said the inauguration of the Council would support the administration 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 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.

The members of the Council include the Vice-President of the Federal Republic of Nigeria, Vice Chairman; the Minister responsible for Communications and Digital Economy, who will preside over the Council in the absence of the President and Vice President; the Minister responsible for Finance, Budget and National Planning; the Minister responsible for Industry, Trade and Investment; the Minister responsible for Science, Technology and Innovation and the Governor of the Central Bank of Nigeria.

Others are four representatives of the Start-up Consultative Forum, one representative of the Nigeria Computer Society, one representative of the Computer Professionals (Registration Council of Nigeria) and the Director-General, NITDA, who will serve as Secretary of the Council.