NITDA inaugurates startup labelling committee

The National Information Technology Development Agency (NITDA) has taken a significant step towards driving the implementation of the Nigeria Startup Act (NSA) with the inauguration of the Startup Labelling Committee.

The committee, inaugurated by the Director-General of NITDA, Kashifu Inuwa, comprises representatives from both the public and private sectors, a statement by NITDA indicated yesterday.

The NSA, enacted on October 19, 2022, established a legal and institutional framework to foster the development and growth of Nigerian startups.

A critical provision within the act is the Startup Label. The label recognises eligible startups, granting them access to the various benefits outlined in the NSA.

The issuance of the Startup Label hinges on a thorough assessment and validation process to ensure a startup meets the eligibility criteria as defined by the act.

The newly formed committee will play a pivotal role in overseeing this process.

In his address at the inauguration ceremony, Inuwa acknowledged the pivotal role startups would play in propelling the nation’s economic development, and the significance of the committee’s work in nurturing and supporting the enterprises.

He elaborated on the various initiatives and support mechanisms the government planned to implement aimed at reducing hurdles and providing financial assistance and mentorship opportunities to young entrepreneurs.

Inuwa added that the committee would be instrumental in establishing a robust legal and institutional framework for the successful implementation of the Startup Act.

He further said, “The composition of the committee reflects the emphasis on collaboration. Representatives from government agencies, industry experts, investors and startup founders will bring their diverse perspectives and experiences to the table. This collaborative approach is expected to lead to a more efficient and effective labelling process, ultimately benefiting the growth of Nigerian startups.”