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JUST IN: FEC Approves Nigeria Startup Bill

JUST IN: FEC Approves Nigeria Startup Bill

The Federal Executive Council (FEC) has approved the Nigeria Startup Bill to be sent to the National Assembly for legislation.Information Guide Nigeria

According to THIS DAY, the meeting which was presided over by President Muhammadu Buhari also approved N3 billion for the construction of bridges on federal highways in Adamawa and Kano states

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This was revealed by the Minister of Communication and Digital Economy, Dr. Isa Pantami to newsmen after the FEC meeting explained that the 11-chapter bill replaces the National Investment and Startup Policy.

Dr. Isa Pantami added that his ministry will partner with the Attorney General of the Federation (AGF)and Minister of Justice, Abubakar Malami, and liaise with the National Assembly to convert the Nigeria Startup bill into law.

THIS DAY reports that Pantami said that there will be national hubs across the country where innovators can incubate their ideas with full intellectual property rights that protects them.

“The Federal Executive Council presided by His Excellency President Mohammadu Buhari approves two memos from my ministry. The first one is on the Nigeria Startup bill, which is an exciting news to our innovators all over the country. Particularly those working within the tech industry.

“The Federal Executive Council has approved the Nigeria Startup Bill and has also directed my humble self, the Minister of Communications and Digital Economy and also the Attorney General of the Federation and Minister of Justice to ensure that we immediately liaise with and transmit them to the National Assembly to begin their legislative process of converting it into a law.

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“And by this, the Nigeria Startup Bill has replaced our National Digital Innovation, Entrepreneurship and Startup Policy. This bill has 11 chapters and all of them have been crafted in order to provide the enabling environment for our startups to be very successful. Firstly, the bill will establish the National Council for Digital Innovation and Entrepreneurship.

“This council is going to be chaired by his Excellency, Mr. President himself, and part of the council. He will be supported also by the Vice President. And I will also support both of them and many relevant ministers and government parastatals are part of the council.Jamb Result

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“Furthermore, there is also the operational structure of the council in which all the relevant institutions that have a role to play in providing the enabling environment for our startups to thrive are part and parcel of this operational structure.

“Furthermore, this addresses the startup labeling process where a startup is going to be labeled. And after that, there is eligibility for grant. If a startup is looking for government grant, there is a process to follow, which is very easy and at the end, government will be able to provide the grant.

“And also, there is a process of issuing the certificate of labeling for the startup.

“In addition to that, the bill also will establish Startup Investment Safe Fund, where there is going to be a dedicated fund to be provided by the federal government for our young innovators all over the country to apply for the startup investment…safe fund in order to begin their own company if they need that.

“In addition, there are also tax and fiscal incentives where government will provide tax holidays, where government will support our startups to even liaise with international or multi tech giants globally. So government will provide tax holidays and other incentives where necessary.

“Also, there is a chapter dedicated to regulators where they have been mandated to come up with initiatives of promoting developmental regulation because today many investors and young innovators consider regulators to be doing nothing but restricting the development of their startups.

“But this bill comes up with an initiative to provide what is called developmental regulation, where regulators must make the regulation very flexible to support our innovators all over the country.

According to THIS DAY, the Special Adviser on Media to the President, Femi Adesina also revealed that the Council approved a memo for the construction of two bridges in bridges in Jimeta, Adamawa state at the cost of N2.958 billion and Kano state at the cost of N16.690 billion.

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Idongesit Akpa-Ayang

Idongesit is a graduate of Communication Arts, University of Uyo. Currently working as a news reporter at InfoGuide Nigeria.

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