• Saturday, July 20, 2024
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Startup Act has potential to stimulate Nigeria’s digital economy – organisation

Nigeria’s start-ups show hunger for digital solution at Africa’s biggest pitch competition

Stanley Achonu, Nigeria Country Director at ONE Campaign, has described the recently signed Startup Act as a catalyst for Nigeria’s digital economic growth, with the needed potential to stimulate the digital economy, and reduce unemployment.

Achonu stated this during a partnership engagement between the Nigeria Startup Act Secretariat, ONE Campaign and state governments across Nigeria on the adoption of the Nigeria Startup Act.

The Nigeria Startup Act is a national policy framework that seeks to create an enabling environment for technology-enabled startups and entrepreneurs in Nigeria.

The Act provides for establishing innovation hubs, startup fund, technology parks, and other support structures that will help startups thrive in the Nigerian economy.

“While the Federal Government has taken a step in the right direction by enacting the legislation, its ultimate success hinges on its implementation at the state level. Therefore, it is crucial for state governments to not only adopt the Act but also tailor it to their specific needs and take active steps to implement it effectively,” Achonu stated.

In the first phase of the engagement, the Secretariat will organise ecosystem events in six states – Kwara, Ondo, Osun, Kano, Plateau and Oyo, to consult with critical startup stakeholders, including entrepreneurs, investors, and policymakers, on the strategies to domesticate and adopt the Act.

Read also: Why Africa startup funding declined in Q1

Oswald Osaretin Guobadia, Lead, Nigeria Startup Act Secretariat and Senior Special Assistant to the President, stated that the state adoption program will not only build an innovation and technology ecosystem in all underserved areas in Nigeria, but will also turn Nigeria into a country that produces technology solutions.

Tracy Isaac, State Adoption Lead, Nigeria Startup Act Secretariat, noted that the Act is a game-changer for startups in Nigeria and will help to unlock the full potential of the Nigerian economy. She reiterated that for Nigeria to be a digital economy giant, young people in states must be fully empowered to become technology solution entrepreneurs and producers.

Furthermore, the Nigeria Startup Act Secretariat and ONE Campaign call on all stakeholders at the subnational level to continue to work together to create an enabling environment for startups to thrive through the speedy adoption of the Startup Act.