President Muhammadu Buhari on Wednesday assented to the Nigeria Startup Bill 2022, three months after it was passed by the National Assembly.
Persecondnews recalls that the startup bill which was passed on July 20, 2022, was initiated by the executive arm and seeks to create an enabling environment for tech-based startups in the country.
The Minister of Communications and Digital Economy, Dr Isa Pantami, who made the announcement after a meeting with the President at Aso Villa, revealed that the law which holds huge benefits for the Nigerian economy, adopted an approach to allow startups to identify business challenges and voice them out.
The minister also disclosed that based on the provisions of the law, the government has set up a N10 billion Investment Fund for young innovators and provision for incentives and tax holidays to encourage local innovators.
He added that in recognition of the efforts of the Nigeria government in the Information Communication Technology, (ICT), Microsoft has decided to train about five million Nigerians on high demands skills geared towards job creation.
Patami said the ICT sector has so far contributed 18.42 percent to the Gross Domestic Product (GDP) of Nigeria in 2022.