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Buhari signs Nigeria Startup Bill into law

President Muhammadu Buhari has assented to Nigeria Startup Bill 2022.

Briefing newsmen on the provisions of the new Act, the Minister of Communications and Digital Economy, Professor Isa Pantami, said it was meant to give legal backing to the growth of the ICT sector.

He explained that the Act had provision for tax holiday, incentives, and investment fund of at least N1bn for youngsters wishing to start up ICT businesses in the country.

Professor Pantami explained that outcomes of the engagements the Ministry of Communications had with Nigerian young innovators were instrumental to the formation of the Act.

The Minister said the Act had provision for setting a Presidential Council to be chaired by the President, the Vice President to serve as Vice Chairman, and the Minister of Communications would preside over its affairs, in the event the 2 principal officers were absent.

Reporting by Abdallah Bello; Editing by Oluwaseyi Ajibade and Julian Osamoto