Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim Pantami has said that the Nigeria Startup Bill (NSB) that was signed into law by President Muhammadu Buhari, on October 19, will enhance digital innovation and entrepreneurship ecosystem in the country.
The minister stated this in his keynote address during the opening ceremony of a three-day Digital Nigeria Conference with the theme “Digital Transformation- A Path to Sustainable Digital Economy,” which started at the International Conference Centre in Abuja, yesterday.
He noted that the Startup Act will create an enabling environment and boost the potential of the Nigerian youth in the digital economy to create jobs. He added that enormous efforts were invested into making the bill a reality, saying “the signing of the Nigeria Startup Act as a principal legislation is a major achievement that will significantly enhance the innovation and entrepreneurship ecosystem in Nigeria.”
He said that Digital Nigeria is captured in the National Digital Economy Policy and Strategy (NDEPS) which is anchored on 8 pillars that provide a holistic and sustainable approach towards the development of Nigeria’s digital economy.
The eight pillars include; Developmental Regulation; Digital Literacy and Skills; Solid Infrastructure; Service Infrastructure; Digital Services Development and Promotion; Soft Infrastructure; Digital Society and Emerging Technologies; and Indigenous Content Development and Adoption.
“The implementation of a digital economy policy accelerates digitalisation and this in turn enhances the digital economy. Digitalisation increases efficiency, reduces waste, enhances productivity, increases transparency and supports datafication, amongst other things,” he said.
Also speaking at the conference, the Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa, said that the digital economy is changing and shifting economic power, reshaping products and proffering alternatives to businesses.
He said the Startup Act will further push Nigeria as a talent supplier to the rest of the world. He said that through startups Nigeria can create innovation- driven enterprises, adding that the government has implemented several initiatives to achieve this and that is why the Nigerian ecosystem is the most vibrant in Africa.
He said that out of the seven Unicorn companies in Africa, five originated from Nigeria and three more will soon join.
“Technological advancement and Artificial Intelligence, Robotics, Blockchain and innovation are expanding the frontiers of digital transformation. In 2020 when COVID- 19- hits, it accelerated that trajectory and now the future is arriving faster than we are expecting and the future is dazzled with the brilliance and innovation of digital offering.
“Therefore digital transformation is not about technology, it is about designing people, technology and processes to deliver things the way you want it, when you want it and how you want it.
“Digital transformation and sustainability are increasingly important and intertwined and it is full of promises and pitfalls. But to achieve sustainability we need a strategy to realise the promises, while avoiding the pitfalls,” he said.
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