President Muhammadu Buhari has inaugurated the National Council for Digital Innovation and Entrepreneurship to implement the Nigeria Startup Act (NSA) 2022. The 14-member council, chaired by the President, has been mandated to oversee the faithful execution of the law, which provides incentives and support for startups, including tax breaks and access to funding.
During the inauguration, Buhari highlighted Nigeria’s remarkable growth in the startup industry, with establishments raising over $4 billion between 2019 and 2022. He also emphasized the growth of the startup ecosystem worldwide, with over $400 billion of venture funding accessed in 2022.
Buhari called on the council to harness the potential of the country’s young and innovative population and make further progress on the implementation of the Act at their next meeting in May 2023.
The council comprises the Vice President as Vice Chairman, the Minister of Communications and Digital Economy, who will preside over the body in the absence of the President and Vice President, the Minister of Finance, Budget and National Planning, the Minister of Industry, Trade and Investment, the Minister of Science, Technology and Innovation, the Governor of the Central Bank of Nigeria (CBN), four representatives of the Startup Consultative Forum, one representative of the Nigerian Computer Society, one representative of the Computer Professionals (Registration Council of Nigeria), and NITDA Director-General, who is serving as secretary of the council.