For the Tech Startup Act, the Nigerian government has set aside N10 billion per year to assist the nation’s digital entrepreneurs. This was announced by the nation’s Minister of Communications and Digital Economy, Professor Isa Pantami, at the NSAIC’s formal inauguration in Abuja, the capital of the country.
Professor Sahalu Junaidu, who will serve as Chairman, and Chinenye Mba-Uzoukwu, who will serve as Co-Chairs, will lead the 27-member Committee. He asserted that the world’s top economies have prioritised knowledge-based industries, digital and entrepreneurial innovations, and start-up businesses as their main sources of income.
The Act, according to Professor Pantami, is essential for fostering digital companies, which will grow the information and communications technology (ICT) industry.
The Minister praised the Nigerian startups for their outstanding achievement in placing the nation on the map of the world. He claimed that the Nigeria Start-up Act was required in order to consolidate and support all of these accomplishments with legislative, technical, and financial support.
The Act would provide them with protection as well as legal, technical, and financial support to help them overcome some of their challenges. The Minister, however, decried the unjustified harassment faced by young innovators in the country who are frequently mistaken for criminals by law enforcement agents.