ONE , Nigeria Startup Secretariat urge state governments to unlock digital economy through Startup Act
May 22, 2023128 views0 comments
By Cynthia Ezekwe
ONE, a campaign and advocacy organisation, in collaboration with the Nigeria Startup Secretariat, has enjoined state governments to harness the vast potential of the country’s digital economy through the adoption of the Nigeria Startup Act.
The organisations made the call following the completion of the first phase of the Startup Act State adoption campaign in six states – Kwara, Osun, Ondo, Kano, Plateau, and Oyo.
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The Nigeria Startup Act, signed into law in October 2022, provides a comprehensive roadmap to establish supportive policies, regulations and programs that can create a flourishing ecosystem that fosters innovation, attracts investments, and generates much-needed employment opportunities for the country’s vast population of unemployed youth.
The Act encompasses essential provisions such as streamlined business registration processes, tax incentives for startups, access to affordable financing, intellectual property protection, investment promotion, and other measures that are vital for startups to navigate the complex business landscape, engender a culture of entrepreneurship, and attract both local and international investors.
In light of this, Stanley Achonu, Nigeria country director at ONE Campaign, noted that Nigeria is facing an alarming unemployment rate, and the dire need for job creation is evident, particularly for the teeming young population. He added that unlocking the immense potential of the digital economy is crucial to addressing the pressing issue of unemployment.
“By embracing the Nigeria Startup Act, state governments can unleash a wave of innovation, attract investments, and foster job creation on a significant scale,’’ he said.
Achonu said ONE and the Startup Secretariat have taken proactive steps to drive engagement and awareness in six states, bringing together key players from both the public and private sectors within the tech ecosystem to highlight the substantial benefits of the Act and assist the state governments in customising and drafting the state versions to suit their specific needs.
According to the ONE country director, the campaign organisation and the Startup Secretariat have taken proactive steps to drive engagement and awareness in six states, bringing together key players from both the public and private sectors within the tech ecosystem to highlight the substantial benefits of the Act and assist the state governments in customising and drafting the state versions to suit their specific needs.
Achonu further implored other states to acknowledge the transformative potential of the digital economy and take swift action to adopt and implement the Nigeria Startup Act.
Tracy Okoro Isaac, state adoption lead, Nigeria Startup Act Secretariat, who spoke about the success of the programme and lessons learned, said, “65 per cent of the young people for whom we are creating poverty eradication and employment programs and initiatives are in the states; and as such, the State Adoption Program is driven on the premise that unless states and local governments create an enabling environment for citizens to thrive, every other endeavour or initiative that is deployed in the country will not be sustainable.’’
Isaac noted that the state adoption programme encourages and supports state governments to adopt the Act, create and support digital economy ecosystems, ensure a conducive environment for wealth creation, and promote a balanced approach to
managing disruption and displacement.