Outgoing President of Nigeria, Muhammadu Buhari, on Wednesday, has inaugurated Nigeria’s National Council for Digital Innovation and Entrepreneurship during the Federal Executive Council meeting.
The council, according to Buhari, is inaugurated to lead the country through the implementation of the Nigeria Startup Act (NSA) 2022, which was recently signed by the president.
President Buhari, during the meeting, directed the National Information Technology Development Agency (NITDA) to ensure the successful implementation of the Act, which includes provisions for incentives and support for startups, such as tax exclusion and access to grants.
Ripples Nigeria gathered that all members of the Digital Innovation Council were present during the inauguration.
The council comprises of industry experts and leaders from various sectors, including technology, finance, and entrepreneurship.
President Buhari, in his remarks, highlighted Nigeria’s position as a key player in the growth of startups in Africa, with Nigerian startups raising more than $4bn between 2019 and 2022.
He noted that the COVID-19 pandemic has fueled the demand for digital services worldwide, leading to the growth of startups, with over $400 billion of venture funding accessed in 2022.
Buhari further highlighted the growth of the African startup ecosystem, which raised a record $5.4bn in funding in 2022.
The president expressed his optimism that the Digital Innovation Council would drive innovation, create jobs, and promote economic growth in Nigeria.
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