The federal executive council (FEC) has approved the Nigeria
startup bill to provide a conducive environment for entrepreneurs.
Isa Pantami, minister of communications and digital economy,
disclosed this on Wednesday at the end of the council meeting in Abuja.
Pantami said that the bill was crafted to provide an
enabling environment for business startups to thrive.
He said the bill would embolden young entrepreneurs to
possess relevant skills and encourage them to transact business in the
telecommunications sector.
“The first one is on
the Nigeria startup bill, which is exciting news to our innovators all over the
country, particularly those who are working within the tech industry,” he said.
“The federal executive council has approved the Nigeria
startup bill and has also directed my humble self, the minister of
communications and digital economy, and also the attorney-general of the
federation and minister of justice, to ensure that we immediately liaise and
transmit same to the national assembly to begin the legislative process of
converting it into law.
“By this, the Nigeria startup bill has replaced our national
digital innovation entrepreneurship and startup policy.
“This bill has 11
chapters, and all of them have been crafted to provide the enabling environment
for our startups to be very successful.
“Firstly, the bill will establish the national council for
digital innovation and entrepreneurship.
“This council is going to be chaired by Mr. President
himself and part of the council he will be supported also by the Vice President
and I will also support both of them and many relevant ministers and government
parastatals are part of the council.
“Furthermore, there is also the operational structure of the
council in which all the relevant institutions have a role to play in providing
the enabling environment for our startups to thrive, part and parcel of this
operational structure.
“The bill also
addresses startup leveling process, where a startup is going to be labeled. And
after that, there is eligibility for the grant.
“If a startup is looking for a government grant, there is a
process to follow, which is very easy, and at the end, the government will be
able to provide the grant and also there is a process of issuance, this
certificate of leveling for the startup.
“The bill also will establish the startup investment seed
fund, where there is going to be a dedicated fund to be provided by the federal
government for our young innovators all over the country to apply for the
startup investment Seed Fund to begin their own process if they need that.”
The minister said that the council approved the procurement
of four-passenger lifts by the Nigerian Communications Communication for its
headquarters office in Maitama, Abuja.
“The federal
executive council has approved the replacement of the four-passenger lifts in
the headquarters office looking at the dilapidated situation to make the
environment more conducive for staff to work effectively,” Pantami said.
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