President Muhammadu Buhari on Wednesday signed into law the Nigeria Startups Bills.

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

Minister of Communication and Digital Economy, Prof. Isa Ali Pantami, told State House Correspondents that President Muhammadu Buhari  signed the Nigeria Startups Act 2022 into law yesterday, October 19, at the Presidential Villa in Abuja.

The President will chair the National Digital Innovation and Entrepreneurship Council, which will be established by the new Act.

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Pantami revealed that President Buhari approached the bill through the Ministry of Communication and Digital Economy and the Office of the Chief of Staff, and that the government has set aside N10 billion for startups and innovators to draw from.

He also said that the new law was born out of the government’s desire to provide the required enabling environment for young startups and innovators, to address the various challenges facing the sector, including those of intellectual property, financing, regulation and incentive.