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The National Information Technology Development Agency (NITDA) has made a strategic move to advance the Nigeria Startup Act (NSA) by inaugurating the Startup Labelling Committee.
In a statement released by NITDA, the Director-General, Kashifu Inuwa, announced the committee’s formation, which includes representatives from both the public and private sectors.
Enacted on October 19, 2022, the NSA provides a legal and institutional framework designed to nurture and grow Nigerian startups. A key feature of the act is the Startup Label, which identifies eligible startups and grants them access to the various benefits outlined in the NSA.
The Startup Label is awarded based on a comprehensive assessment and validation process to ensure startups meet the criteria set forth in the act. The newly established committee will oversee this critical process.
During the inauguration ceremony, Inuwa emphasized the essential role of startups in driving the nation’s economic development and highlighted the importance of the committee’s work in supporting these enterprises.
He detailed various government initiatives aimed at reducing barriers for startups, providing financial assistance, and offering mentorship opportunities to young entrepreneurs.
Inuwa stated, “The committee will be crucial in establishing a robust legal and institutional framework for the successful implementation of the Startup Act.”
He further explained, “The composition of the committee reflects the importance of collaboration. By including representatives from government agencies, industry experts, investors, and startup founders, we ensure a diverse range of perspectives and experiences. This collaborative approach is expected to lead to a more efficient and effective labelling process, ultimately fostering the growth of Nigerian startups.”
The inauguration of the Startup Labelling Committee marks a significant step towards realizing the goals of the Nigeria Startup Act, promising a supportive environment for emerging businesses in the country.
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