• Monday, June 24, 2024
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States urged to leverage Startup Act to drive inclusive growth

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

Tracy Okoro Isaac, state adoption lead, Nigeria Startup Act Secretariat says the adoption of the startup act by state and local governments will promote inclusive growth and create an enabling environment for citizens to thrive.

In a statement issued on Tuesday, Isaac said that about 65 percent of the young people for whom the government is creating poverty eradication and employment programmes and initiatives are in the states. As such, by seizing the opportunity provided in the act, state governments can become drivers of change, paving the way for a prosperous future built on innovation, job creation, and shared prosperity.

“The state adoption programme encourages and supports state governments to adopt the act, create and support digital economy ecosystems, ensure a conducive environment for wealth creation, and promote a balanced approach to managing disruption and displacement,” Isaac said.

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Stanley Achonu, Nigeria’s country director at ONE Campaign, said Nigeria faces an alarming unemployment rate, and the dire need for job creation is evident, particularly for the teeming young population. According to him, unlocking the immense potential of the digital economy is crucial in addressing Nigeria’s unemployment challenges.

Achonu said further that by embracing the Nigeria Startup Act, state governments can unleash a wave of innovation, attract investments, and foster job creation on a significant scale. According to him, the act encompasses essential provisions such as streamlined business registration processes, tax incentives for startups, and other measures that are vital for startups to navigate the complex business landscape, engender a culture of, and attract both local and international investors.

“Already, ONE and the Startup Secretariat have taken proactive steps to drive engagement and awareness in six states, bringing together key players from both the public and private sectors within the tech ecosystem to highlight the substantial benefits of the Act and assist the state governments in customising and drafting the state versions to suit their specific needs. We call on other states to acknowledge the transformative potential of the digital economy and take swift action to adopt and implement the Nigeria Startup Act,” Achonu said.