Buhari Okays N10bn Investment Fund

President Muhammadu Buhari has signed the Nigeria Startups Bills into law to improve the innovation in information technology and communications (ICT) in the country.

The minister of Communication and Digital Economy, Isa Pantami disclosed this  to State House correspondents yesterday after meeting with the president at the Presidential Villa, Abuja.

According to him, in recognition of the efforts of the Nigeria government in the Information Communication Technology, ICT, Microsoft has decided to train about five million Nigerians on high demands skills geared towards job creation.

The government has also set up N10 billion Investment Fund for young innovators and also makes provision for incentives and tax holidays to encourage local innovators.

Pantami said the ICT contributed 18.42 per cent to the Gross Domestic Product, GDP this year alone, while the entire contribution of Communication and Digital Economy was 40 per cent.

He explained that the new Act was an Executive Bill initiated by President Buhari through the the collaboration of the minister of Communication and Digital Economy and the Office of the Chief of Staff to the president.

The minister explained that, before the passage of the bill, young innovators from the six geo-political zones of the country were engaged, adding that the Act provides the legal and strategic framework for the innovators to make their contributions to the country.

He said that out of the seven unicorns in Africa, five are from Nigeria, adding that a market value of each unicorn worths $1billion.

A unicorn, he explained, is a privately held startup company valued at over US$1 billion.

The minister said there will be a Presidential Council on Digital Innovation and Entrepreneurship to be chaired by the President, while the Vice President serves as the vice chairman.

The council, he further said would have membership from the government and private sectors as well as representatives from the academia.

The council under the chairmanship of the President would help to curb the incessant harassment of the youths with laptops computers by the security agencies who are always tagged as ‘yahoo yahoo boys,’ Pantami said.

The minister also disclosed that Microsoft has agreed to train five millions Nigerians in high demand cutting edge technology skills.

“It is during the event that we concluded our discussion with Microsoft that they will come to Nigeria and train five million citizens on high demand and cutting edge skill in the digital sector. Five million Nigerians and this is one of their corporate social responsibilities.

“Even today (Wednesday), before I came here, I signed a letter conveyed to Microsoft the proposed date for the commencement of the training. So for you to get that opportunity for 5 million Nigerians to train. I know those basic digital skills are in high demand they partook in an investigation evaluation they discovered areas where there were opportunities globally. So the forecast where there is job before that, our citizens will be trained in this area.

“These are only few of the major achievements in addition to many more. At the international level, our modest effort in Nigeria in the digital economy sector was appreciated. I had a parliament with the ministers and other high government officials all over the world. I was called upon and I was presented an award without any prior knowledge about it. And there and then, they commended the effort of Nigeria in the digital economic sector.”

He further announced that about 29 Nigerians participated in a digital Innovation, Gitex programme in Dubai and defeated other countries to emerge winners.

“There were many participants from Europe, Asia and from all the developed countries and we defeated them, and they (innovators) came from Nigeria, this is a successful story. Secondly, some of the young individuals we took from Nigeria, federal government sponsored eight of them.

“Then the organiser there’s also sponsored four, and Lagos state government sponsored 15. Among some of them that I met, the first day of the event a company signed an MOU with them to invest $20 million in that startup,” the minister said.