Nigeria: Muhammadu Buhari inaugurated the Council for Digital Innovation and Entrepreneurship

Nigeria occupies a central place in the African entrepreneurial ecosystem. To consolidate this position, the country is putting at stake to further stimulate innovation, create jobs and promote economic growth.

The outgoing President of the Federal Republic of Nigeria, Muhammadu Buhari (pictured, left) inaugurated the Nigerian National Council for Digital Innovation and Entrepreneurship (NCDIE) on Wednesday, April 5.

President @MBuhari presides over inauguration of the National Council for Digital Innovation and Entrepreneurship based on the Nigeria Startup ACT 2022 (NSA 2022) and Presides over Federal Executive Meeting (FEC) meeting at The State House, Abuja pic.twitter.com/fN2rRYn3KJ

— Fed Min of Info & Cu (@FMICNigeria) April 5, 2023

The NCDIE, chaired by the President of the Federal Republic, has 13 other members and its mission is to promote the development of the country’s digital economy and create an environment conducive to the development of entrepreneurs.

The Council will also oversee the implementation of the Nigeria Startup Act 2022, a law enacted last December to stimulate the growth of innovative start-ups and small and medium-sized enterprises (SMEs) in the country.

« The law, which was developed as part of a collaborative approach between the Office of the President and the Ministry of Communications and Digital Economy, with support from the technical ecosystem, provides incentives and support to start-ups, such as tax breaks, access to finance, ease of doing business, intellectual property protection and participation in government procurement. ” said Muhammadu Buhari.

Nigeria’s start-up ecosystem still faces significant challenges such as access to finance and the high cost of creating original products. Despite these obstacles, Nigeria has been at the forefront of start-up growth in Africa in recent years with more than $4 billion raised between 2019 and 2022, the president reports.

Thus, the implementation of the Nigeria Startup Act will be an important step to address these challenges and promote growth and the inclusive start-up ecosystem in the country. According to President Muhammadu Buhari, this will lead to the consolidation and development of the gains made in the digital economy.