The federal executive council (FEC) has approved the Nigeria startup bill to provide a conducive environment for entrepreneurs.
Isa Pantami, minister of communications and digital economy, disclosed this on Wednesday at the end of the council meeting in Abuja.
He said the bill would embolden young entrepreneurs to possess relevant skills and encourage them to transact business in the telecommunications sector.
“The federal executive council has approved the Nigeria startup bill and has also directed my humble self, the minister of communications and digital economy, and also the attorney-general of the federation and minister of justice, to ensure that we immediately liaise and transmit same to the national assembly to begin the legislative process of converting it into law.
“By this, the Nigeria startup bill has replaced our national digital innovation entrepreneurship and startup policy.
“Firstly, the bill will establish the national council for digital innovation and entrepreneurship, The bill also addresses startup leveling process, where a startup is going to be labeled. And after that, there is eligibility for the grant.
“If a startup is looking for a government grant, there is a process to follow, which is very easy, and at the end, the government will be able to provide the grant and also there is a process of issuance, this certificate of leveling for the startup.
“The bill also will establish the startup investment seed fund, where there is going to be a dedicated fund to be provided by the federal government for our young innovators all over the country to apply for the startup investment Seed Fund to begin their own process if they need that.”
– The Cable