The Federal Government is billed to set up Information and Communication Technology parks and innovation hubs under the Nigeria Start-Up Act.
President Muhammadu Buhari had on Wednesday last week assented to the Nigeria Start-Up Bill passed by the National Assembly, with the Minister of Communications and Digital Economy, Isa Pantami, noting that the executive bill sought to create an enabling environment for tech-based start-ups in Nigeria.
The Act, a copy of which our correspondent obtained on Friday, establishes a National Council for Digital Innovation and Entrepreneurship, a Start-Up Consultative Forum, a Start-Up Support and Engagement Portal, a Credit Guarantee Scheme and a Start-Up Investment Seed Fund, among others.
The NCDIE has the President as Chairman, Vice-President as Alternate Chairman, Minister Communications and Digital Economy as the Vice-Chairman of the Council; and Minister of Finance, Budget and National Planning; Minister of Industry, Trade and Investment; Minister of Science, Technology and Innovation; and Governor of the Central Bank of Nigeria as members.
Others are three representatives of the Start-Up Consultative Forum established under Section 12 of the Act, two representatives from the Nigeria Computer Society and the Director-General of the National Information Technology Development Agency (Secretary).
While the secretariat of the commission is domiciled with the National Information Technology Development Agency and the Director-General, who is the Chairman of the secretariat, it shall “manage the process of labelling a start-up, as provided under this Act; establish public online platforms and other platforms to provide access to information on matters pertaining to the establishment and development of a start-up, incubation, acceleration and venture building programmes, and access to fiscal and non-fiscal support.”
The secretariat will, among other things, maintain a directory of start-ups, incubators, and accelerators; develop, establish, support and incentivise digital technology innovation hubs, digital technology parks and community enterprise hubs in Nigeria; and develop, implement and monitor guidelines for setting up digital technology innovation hubs, digital technology parks and community enterprise hubs in Nigeria.
It will also foster synergy between start-ups and angel investors, venture capitalists, private equity frets, private investors, development finance Institutions, global asset management firms, financial institutions, research institutions and other related institutions at the national and international levels while entering into partnerships to promote start-up development with angel investors, venture capitalist firms, private equity firms development financial institutions and other relevant funding organisations.
The secretariat, with the approval of the NCDIE, is expected to establish a Start-Up Support and Engagement Portal, which will serve as a platform through which a start-Up conducts registration process with relevant MDAs, according to the Act.
The Start-Up portal is expected to facilitate the issuance of a permit or licence to a labelled start-up; provide platform for interaction between a start-up and the Federal Government, private institutions, angel investors, venture capitalists, incubators, accelerators and other relevant institutions; and create opportunities for a start-up to participate in beneficial challenges and programs including, incubation and accelerator programs, showcases, pitch competitions, fellowships, and other related programs.
The portal will also foster access of a start-up to finance, information, innovation, and the global market; foster information exchange between various stakeholders in the Nigerian start-up ecosystem; provide access to tools and resources to a start-up; provide assistance to a start-up labelled under this Act; and provide information on clearances, approvals and registration requirements by a start-up.
It will further provide opportunities for a start-up to enter into contracts with the Federal Government through public procurement or other engagement processes; receive complaints and recommendations from industry stakeholders and the general public; serve as a platform for announcement and application of various schemes and incentives granted to a start-up by the Federal Government; and perform such other duties, as may be required by the council or the secretariat from time to time.
