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Buhari unveils digital innovation, entrepreneurship council

President Muhammadu Buhari on Wednesday, in Abuja, inaugurated the National Council for Digital Innovation and Entrepreneurship to implement the provisions of the Nigeria Startup Act signed into law in December 2022.

The inauguration held shortly before this week’s Federal Executive Council meeting at the Council Chambers of the State House, Abuja.

Speaking at the inauguration of the 14-member Council which he chairs, the President directed the Secretariat, the National Information Technology Development Agency to ensure faithful implementation of the Act, which provides incentives and support for start-ups, including tax breaks and access to funding.

He noted that Nigeria has been at the forefront of the growth of startups in Africa, with Nigerian start-ups raising over $4bn between 2019 and 2022.

‘‘It is worth noting the remarkable growth of start-ups worldwide, with over $400bn of venture funding accessed in 2022.

‘‘This growth was fueled by a surge in demand for digital services as people worldwide turned to technology to stay connected, work remotely, and access essential goods and services largely due to the COVID-19 pandemic.

‘‘In Africa, the startup ecosystem has also been growing at a remarkable pace. In 2022, African startups raised a record of $5.4bn in funding,’’ he said.

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