FG to spend N10bn annually on startups

The Federal Government yesterday said about N10 billion will be spent annually for the implementation of activities that would boost the startups industry in the country.

The Minister of Communications and Digital Economy, Prof Isa Ali Ibrahim Pantami who disclosed when he inaugurated the StartUps Act 2022 Implementation Committee at the Digital Economy Complex, Mbora, Abuja, said the inauguration of the committee would encourage young Nigerian innovators to take advantage of the opportunities in the Act.

Pantami said the Committee has the onus responsibility to hit the ground running given the fact that the implementation of the Act commenced since the President accented the Bill.

“We have commenced implementation of the contents of the Act internally. Looking at it from the beginning, the processes for implementation began with gazetting it, ensuring that financial and technical issues are taken care of, getting a Secretariat for its works and seeking judicial and legal guidance for it successful implementation”, the minister said.

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According to him, there is also the Start-ups Council, the need for tax holidays for investors and innovators, and pioneer status for investors. “These are issues that are very significant to the implementation of the Act,  “ Pantami said.

The Director General of the National Information Technology Development Agency,  NITDA,  Kashifu Inuwa said the inauguration of the committee was the climax of a long journey with the unprecedented support and drive of the supervising Minister,  Prof Isa Pantami.

Members of the Nigeria Startup Act 2022 Implementation Committee are; Prof. Sahalu Junaidu, Chair, Chinenye Mba-Uzoukwu, Co-Chair, Prof. Olayinka David-West, Vice Chair, Amal Hassan, Co-Vice Chair, Mrs Juliet Odii Faiz Bashir, Dr Dahiru Sani, Prof Bashir Galadanchi, and Bashira Hassan, as Secretary among others.