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STARTUP ACT: Buhari inaugurates national council for digital innovation and entrepreneurship

The National Council for Digital Innovation and Entrepreneurship (NCDIE) has been inaugurated by President Muhammadu Buhari.

Muhammadu-Buhari Credit: NigeriaGov | Twitter
Muhammadu-Buhari Credit: NigeriaGov | Twitter

The National Council for Digital Innovation and Entrepreneurship (NCDIE) has been inaugurated by President Muhammadu Buhari.

The Council is in line with the Nigeria Startup Act, 2022 (NSA, 2022) passed by the National Assembly and signed into law last year by the president.

According to the provisions of the Act, the Council is chaired by the president and has 13 other members including the vice-president; ministers of finance, budget, and national planning; trade and investment, communications and digital economy; governor of the central bank, among others.

The president while inaugurating the council on Wednesday, highlighted the importance of the Council in driving economic growth and job creation as well as consolidating the gains recorded in the sector under his administration.

He said the NCDIE has the responsibility of promoting the development of the country’s digital economy and providing a supportive environment for entrepreneurs to thrive.

According to Mr Buhari, the Council would also oversee the implementation of the Nigeria Startup Act 2022, which aims to stimulate the growth of innovative startups and small and medium-sized enterprises (SMEs) in the country.

The president said that Nigerian startups still face significant challenges, such as access to funding, support infrastructure and security payment.

“These remain major barriers to the growth of the ecosystem particularly for early-stage startups,” the president said.

“The provisions of the Nigeria Startup Act 2022 present an important step towards addressing these challenges and promoting the growth and inclusive startups ecosystem in Nigeria.

“Furthermore, the implementation of the Act led to consolidation and further development of the gains recorded in the digital economy.”

The Council is to meet in May 2023 to make further progress on the implementation of the Nigeria Startup Act.

Mr Buhari and some of his ministers who are members of the Council would spend less than two months on the NCDIE following the handover of power to a new president by May 29.

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