FEC okays startup bill ‘to provide enabling environment’ for entrepreneurs

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.