Buhari inaugurates council to oversee implementation of Nigeria Startup Act

President Muhammadu Buhari has inaugurated a 14-member national council for digital innovation and entrepreneurship (NCDIE).

The council’s establishment is based on the Nigeria Startup Act, 2022 (NSA, 2022), which was signed into law last year.

The NCDIE, which is chaired by the president, 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.

While inaugurating the council, Buhari highlighted the importance of the NCDIE in driving economic growth and job creation as well as consolidating the gains recorded in the sector under his administration.

The president said the council is charged with the responsibility of promoting the development of the country’s digital economy and providing a supportive environment for entrepreneurs to thrive.

He said the NCDIE would also oversee the implementation of the Nigeria Startup Act, which aims to stimulate the growth of innovative startups and small and medium-sized enterprises (SMEs) in the country.

Buhari 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.