The Federal Government has assured that with the signing into law of the Nigeria Startups Bill, its legal framework would protect youths in the innovative sector against harassment and other abuses.
Minister of Communication and Digital Economy, Prof. Isa Ali Pantami, gave this assurance while briefing State House Correspondents on the Nigeria Startups Act 2022, which was signed by President Muhammadu Buhari at the Presidential Villa, Abuja, yesterday.
Pantami also said the new Act will establish the National Digital Innovation and Entrepreneurship Council, which would be chaired by the President. The Minister, who said Buhari, through the Ministry of Communication and Digital Economy, and the Office of the Chief of Staff, broached the bill, added that the government has earmarked a N10 billion startup funding for startups and innovators to draw from.
He said in recognition of the efforts of the Nigerian government in the Information Communication Technology, ICT, Microsoft has decided to train about five million Nigerians on high demands skills geared towards job creation.
The Minister said the ICT contributed 18.42 per cent to the Gross Domestic Product, GDP this year alone, while the entire contribution of Communication and Digital Economy was 40 per cent.
Patami explained that the new Act was an Executive Bill initiated by President Buhari through the the collaboration of the Minister of Communication and Digital Economy and the Offoce of the Chief of Staff to the president.
He said that before the passage of the bill, young innovators from the six geo-political zones of the country were engaged, adding that the Act provides the legal and strategic framework for the innovators to make their contributions to the country. He said that out of the seven unicorns in Africa, five are from Nigeria, adding that a market value of each unicorn worths $1billion.
The Minister said there will be a Presidential Council on Digital Innovation and Entrepreneurship to be chaired by the President, while the Vice President serves as the vice chairman.
The Council under the chairmanship of the President would help to curb the incessant harassment of the youths with laptops computers by the security agencies who are always tagged as ‘yahoo yahoo boys,’ Pantami said.
