The Presidency has explained that the ‘Nigeria Startup Bill’ will be signed by President Muhammadu Buhari after transmission from the National Assembly.
This was a response to the Presidential candidate of the Peoples Democratic Party, Atiku Abubakar, who called on Buhari to sign the bill.
The Nation reports Senate on July 20, passed the bill which seeks to provide an enabling environment for the establishment, development, and operations of startups in Nigeria.
The Bill establishes the start-up investment Seed Fund — a dedicated fund by the Federal Government for young innovators.
It also recommends tax holidays for up to four years for start-ups, incentives to attract investors, the establishment of tech parks across the country, where innovators can incubate their ideas, talent development mechanisms and university-industry collaboration.
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Atiku in a series of tweets on his verified page on Monday, commended the House of Representatives and Senate for their bipartisan efforts in passing the Nigeria Startup Bill.
He said the Nigerian start-up space is one of the largest in Africa, and Nigeria has become a key destination on our continent for Tech talent, with the ICT sub-sector contributing approximately 18.44% of Nigeria’s GDP as of the end of Q2 in 2022.
“The ICT industry is a critical part of my national development plan and framework to ensure economic growth and diversification in the coming years.
“My administration intends to enthrone a disruptive economic agenda that will position ICT at the forefront of our policy development strategy and ensure that digital technologies and innovations in ICT, and IT-enabled products and services, are given an enabling environment to drive and help build our new digital economy notably in areas such as E-commerce, IT manufacturing, ICT enabled outsourcing, the broader start-up ecosystem and other emerging technologies.
“My administration will ensure that the gap is bridged between established/Start-up Tech companies and the nation’s regulators to provide a thriving tech ecosystem that enhances competitiveness, innovation and job growth for our growing youth population.”
Responding, the Presidency in a tweet stated that Nigeria startup bill is an executive bill, championed by the administration.
It said: “The President can only sign the Bill AFTER it has been transmitted from the National Assembly.
“It is worth noting that #NigeriaStartupBill is an Executive Bill, championed by the Presidency & @FMoCDENigeria; and, when assented to, will be one of Pres. @MBuhari’s major legacies.”