Nigeria plays a key role in the African entrepreneurial ecosystem.  To consolidate this position, the country is staking resources to further stimulate innovation, create jobs and promote economic growth. 

Muhammadu Buhari (photo, left), the outgoing president of the Federal Republic of Nigeria, inaugurated the National Council for Digital Innovation and Entrepreneurship (NCDIE) on Wednesday, April 5.

The NCDIE, chaired by President Buhari, has 13 other members and its mission is to promote the development of the country's digital economy and create an enabling environment for entrepreneurs to flourish.

The council will also oversee the implementation of the Nigeria Startup Act 2022, a law enacted last December to stimulate the growth of innovative startups and small and medium enterprises (SMEs) in the country.

“The law, which was developed as part of a collaborative approach between the Office of the President and the Ministry of Communications and Digital Economy, with support from the technical ecosystem, provides incentives and support to start-ups, such as tax breaks, access to finance, ease of doing business, intellectual property protection and participation in government procurement,” said Muhammadu Buhari.

Nigeria's start-up ecosystem still faces significant challenges such as access to finance and the high cost of creating original products. Despite these obstacles, Nigeria has been at the forefront of startup growth in Africa in recent years with more than $4 billion raised between 2019 and 2022, the president reported.

Thus, the implementation of the Nigeria Startup Act will be an important step in addressing these challenges and promoting the growth and inclusiveness of the national startup ecosystem.  According to President Muhammadu Buhari, this will help consolidate and develop the gains made in the digital economy. 

Samira Njoya