Buhari Inaugurates Digital Innovation Council To Kickstart Nigeria Start-Up Act Implementation

President Muhammadu Buhari has unveiled the National Council for Digital Innovation and Entrepreneurship (NCDIE) to execute the provisions of the Nigeria Start-up Act which was signed into law back in December last year.

The inauguration was made on Wednesday, at the Council Chambers of the State House, preceding the Federal Executive Council meeting.

The NCDIE will be chaired by the President and has 13 other members including Vice President Yemi Osinbajo as Vice Chairman, the Governor of the Central Bank, the Ministers of Budget and National Planning, Finance, Trade and Investment, Communications and Digital Economy, among others.

Buhari noted that Nigeria has been at the forefront of the growth of start-ups in Africa, with Nigerian start-ups raising over $4bn between 2019 and 2022.

He urged the National Information Technology Development Agency (NITDA) to ensure diligent execution of the provision of the Startup Act.

“It is worth noting the remarkable growth of start-ups worldwide, with over $400bn of venture funding accessed in 2022.

“This growth was fueled by a surge in demand for digital services as people worldwide turned to technology to stay connected, work remotely, and access essential goods and services largely due to the COVID-19 pandemic.

“In Africa, the startup ecosystem has also been growing at a remarkable pace. In 2022, African startups raised a record of $5.4bn in funding,” he said.