TheNewsGuru

Tag: Start-ups

  • President Muhammadu Buhari signs Nigeria Start-Ups Bill into law

    President Muhammadu Buhari signs Nigeria Start-Ups Bill into law

    President Muhammadu Buhari has signed into law the Nigeria Start-up Bill 2022.

    The Minister of Communications and Digital Economy, Prof. Isa Pantami, confirmed this to State House correspondents shortly after the president appended his signature on the bill to become an Act.

    According to Pantami, the new Act will come into effect with so many economic benefits for the country.

    “On behalf of my principal, the President of the Federal republic of Nigeria, Muhammadu Buhari, I am here to brief you about his assent to the Nigeria Start-Up bill today, being Oct. 19, 2022.

    “The President has assented to the bill and also conveyed to the relevant institutions of government for gazetting.

    “We are all excited knowing the benefits that our economy is going to generate from the Act,” he stated.

    Pantami explained that the bill, which emanated from the executive arm of government, was passed by the Senate on July 27 and the House of Representatives on July 28, 2022.

    He said the bill was the outcome of engagements with young innovators and start-ups across the country.

    “This bill was an executive bill that was initiated by the President through the office of his Chief of Staff in collaboration with the Ministry of Communications and Digital Economy.

    “The two offices coordinated and established the foundation for the Nigeria Start-up Act 2022.

    “The approach we adopted was to allow our young start-ups, our young innovators all over the country to identify the challenges they were confronted with in regards to intellectual property, financing, regulation and incentives, among others.

    “So, young innovators were engaged across the country through their geo-political zones, where we encouraged them to voice out their challenges with regards to the ease of doing business.

    “And from their inputs, we discovered there was the need to have Nigeria start-up Act in place so that it will provide the enabling environment for them to continue to thrive and be successful,” he added.

    The minister noted that the digital economy sector had contributed a lot to the economy of Nigeria, adding that in the first quarter of 2020, the ICT sector contributed 14.72 per cent to the nation’s GDP.

    “In 2021, this administration set up a new record by contributing 17.92 per cent to our GDP; this year in the second quarter of 2022, another record was set, with the ICT contributing 18.44 per cent to our GDP. These are all new records,” he said.

    According to the minister, the new law will now provide the legal and strategic framework for the growth of the sector.

    It also provides for the establishment of a Presidential Council to be called the National Digital Innovation and Entrepreneurship Council, to be chaired by the President, with the Vice President of the country as Vice Chairman.

    He said that the Minister of Communications and Digital Economy would preside over the council in the absence of the president and vice-president.

    He added that the ministers of Finance, Budget and National Planning; Industry, Trade and Investment; Science and Technology, among others, are members of the council.

    According to Pantami, there are provisions for a minimum investment fund of N10 billion and other incentives that will be disbursed to start-ups to encourage them.

  • How Nigeria’s digital economy grew by double digits at peak of Covid-19

    How Nigeria’s digital economy grew by double digits at peak of Covid-19

    The Nigerian Government says the digital economy sector currently contributes over 18 per cent to the country’s Gross Domestic Product (GDP), and has become the fastest growing sector in the nation’s economy.

    According to the Organisation for Economic Co-operation and Development (OECD), a digital economy is one which incorporates all economic activities reliant on or significantly enhanced using digital inputs.

    Addressing global leaders in the Information and Communications Technology sector and policy makers at the on-going International Telecommunications Union Plenipotentiary Conference, ITU PP2 in Bucharest, Romania on Thursday, Nigeria’s Minister of Communications and Digital Economy Isa Pantami, said that the growth of the sector has been significantly steady.

    “In the first quarter of 2020, the sector contributed more than 14 per cent to Nigeria’s GDP, while in the second quarter of 2021, it contributed 17.90 per cent,” he said.

    He noted that digital economy was the only sector that grew by double digits at the peak of the Covid-19 pandemic in 2020 and has witnessed unprecedented growth since then. Nigeria established two virtual academies during the pandemic, dedicated to the empowerment of citizens with digital skills, and the various partnerships with global technology giants to train ten million citizens.

    The Nigeria Startup Law aimed at providing an enabling environment for indigenous innovators, to provide solutions to existing national and global challenges is currently before the National Assembly and has reached an advanced stage.

    As a result, Five of the seven unicorns in Africa originated from Nigeria, representing to over 70% of the entire unicorns in Africa and the country’s digital economy sector is valued at approximately $100 billion in terms of revenue flow.

    Despite the accomplishments and prospects of the sector, experts say there is need for the government to provide attractive tax-based incentives to tech companies, especially start-ups and facilitate ease of doing business.

    The bill which also seeks to ensure the sustainability of the business climate and give statutory force to Executive Order 001 of 2017 on the promotion of Transparency and Efficiency in the Business, passed its second reading at the House of Representatives on Thursday.

    The Nigeria Digital Economy Diagnostic report said that with improvements in digital connectivity, digital skills, digital financial services and other core areas of digital development, Nigeria can fully unleash new economic opportunities, create jobs and transform people’s lives.

    The report provides an assessment of the state of the country’s digital economy around the five pillars of the Digital Economy for Africa initiative (DE4A); digital infrastructure, digital platforms, digital financial services, digital entrepreneurship and digital skills, which are key foundational elements of a digital economy.

    “As the biggest economy in Africa with one of the largest populations of young people in the world, Nigeria is well-positioned to develop a strong digital economy, which would have a transformational impact on the country,” World Bank Senior Digital Development Specialist and co-author of the report Isabel Neto said.

    Through innovations and investments, the Nigerian economy can harness digital data and new technologies that link individuals with markets and government services.

  • Facebook, CcHUB to connect start-ups with big businesses

    Facebook and Co-Creation Hub (CcHUB) say they are partnering to connect start-ups to medium and large corporates.

    The companies made this known during the Press Day of Innovation Showcase Week (ISW) 2019 on Wednesday in Lagos.

    Speaking during the programme, Chief Executive Officer of CcHUB, Bosun Tijani, said that the firms had organised Innovation Showcase Week (ISW) 2019 for the start-ups.

    Tijani said that ISW, which opened between February 27 to March 1, 2019, would unveil the latest transformative technologies that would redefine industries.

    He said that the transformative technologies would solve some of the most pressing business and consumer challenges in Nigeria.

    According to him, a first of its kind event with over 20 exhibiting technology startups, will showcase the latest technology innovations to some 400 business and industry representatives across two days.

    ”Innovation Showcase Week, tagged ”ISW 2019” is the first technology product showcase exhibition out of the startup support programmes by technology innovation centre – Co-Creation Hub (CcHUB) and global enterprise, Facebook.

    ”We recognise the urgent need to accelerate innovation support to medium and large corporates who are positioned to secure significant gains for the economy through smart application of technology.

    ”ISW will close the gap between corporates and startups by being an unprecedented platform where industry leaders can experience and adopt homegrown innovations and solutions first hand.

    ”Showcasing startups at ISW would unveil their ground-breaking innovations built in Facebook’s deep-technology startup programme – FBStart Accelerator and the CcHUB 2018 Incubation programme,” he said.

    Tijani said that the products on display leveraged advanced technologies such as Data Science, Internet of Things, Visual Reality (VR) and Artificial Intelligence (AI).

    He said that the products were across eight categories of Healthcare, Agriculture, Mobility, Energy, Education, Safety, Training and Security.

    According to him, these solutions proffer break-through advances to business and consumer challenges in Nigeria.

    On the ISW 2019 showfloor, exhibiting AI and Security-focused startups are Chiniki Guard, SayPeace, Identity Tech, E-Estates, DeepQuest AI and Insyt demonstrate AI’s promising power.

    Other products on display for the Health and Agriculture sectors include Vetsark, Doctoora, Plantheus, TrepLabs, Gricd and Truppr.

    Energy and Mobility dedicated areas have Upnepa, Smart Electricity, Hydrolite, Cycles and Lara products on display.

    The Virtual reality and Safety Training section showcases immersive solutions from Quadron VR, Kanji Drive and Project Move.

    Ms Kendra Nnachi, Facebook Startup and Developer Programmes Manager, said that ISW embodied the innovative spirit that defined the Nigerian startup ecosystem.

    Nnachi said that the world was in the age where innovation matter, hence, the need to support and promote innovations.

    She urged the start-ups to always develop innovation that stand the taste of time and sustain their livelihoods.

    ”The products and services launching here by the Facebook and CcHUB supported startups will empower individuals and enterprises to change our world for the better,” Nnachi said.

     

  • Nokia marketer says will focus on tech start-ups in 2018

    HMD Global, marketer of Nokia phones in Nigeria says as part of its focus for the industry, it will support tech start-ups in 2018.

    The Head of Marketing, West Africa, HMD Global, Olumide Balogun said in a statement that technology development was an essential factor “if Nigeria’s economy is to grow’’.

    Balogun said unquestionably, there were endless opportunities for individuals and for the nation through the proper utilisation of technology.

    “As an organisation, we believe that the unity or coming together of tech start-ups to debate actionable ideas and for economic development is laudable.

    “Therefore as part of our strategy, we will start with sponsoring the Techpoint Build 2018, an event which showcases creativity and innovation from several Nigerian tech start-ups,’’ he said.

    The HMD Global boss said that the event, which is billed for Jan. 25 to Jan. 27 in Lagos, with the theme: “Using Technology to Accelerate the Nation’s Economy”.

    Balogun said event, which is being organised by TechPoint.ng, a chronicler of tech developments, would encourage innovation and technology to bring revolutionary change to Nigeria’s economy.

    The convener of the event and Founder of TechPoint.ng, Adewale Yusuf, said that the event was conceived out of his conviction that technology could contribute greatly to raising the standards of living in Nigeria.

    According to him, “technology, innovation and knowledge can bring about unparalleled change in Nigeria hence, the theme of this year’s Techpoint Build.

    “We are truly grateful for the involvement of HMD Global. We hope to see more established businesses in Nigeria demonstrate willingness to impact start-ups.”

    Yusuf said that a highlight of the event would be a panel discussion on the topic: “Where is the market: offline or online?”

    He said that the panelists will critically examine the scope of the Nigerian online and offline markets, adding that the discussion would focus on themes such as the cost of customer acquisition and market dynamics.

    According to the convener, go-to-market strategy, the readiness of the Nigerian market, are also other issues which will be discussed.

    Also featuring at the event, Yusuf said, are a highly educative keynote address, panel sessions, pitch storms with start-ups; investors and experts.

    He said that these were all in a bid to harness and morph a new Nigeria through actionable plans and solutions.

     

  • NiMES 2017: IT expert calls for Technology Development Fund for start-ups

    Information Technology expert, Dr Chris Uwaje has called on the Federal Government to create a National Information Innovation Technology Development Fund for start-ups.

    Uwaje, a former President of the Institute of Software Practitioners of Nigeria (ISPON) made the call on Thursday in Lagos, during the 2017 Nigeria Mobile Economy Summit and Expo (NiMES).

    He said that the fund will be used for those who were creating hubs to be able to train start-ups.

    According to him, the cyberspace is a ”weaponized knowledge domain,” hence, the need for trained people to be in the space.

    “We need to understand how this weaponized domain can be curtailed and there are advantages challenges and risks.

    “The new fourth industrial revolution is about the knowledge realm and that frontier is where Nigeria has advantage, if it is properly groomed.

    “This is because the youths that are embodied in population of the country constitute a very good advantage for Nigeria.

    “A lot of youths are hungry for this magnitude but the institutions that would teach them are not there,’’ he said.

    He said that government needed to be digitally retuned because the world was in a new revolution.

    “You cannot use the traditional norms of responding to challenges of yesterday to respond to challenges and advantages of today.

    “Government should retune the workforce, everybody must be digitized and everybody must have digital literacy.

    “It must be mandatory that before you enter the civil service, you must be certified.

    “Government should create a National e-Government Academy, where all civil servants will be retuned for the new challenges of the future.

    “When the cyberspace is weaponized, they will have the knowledge,’’ Uwaje said.

    Dr Bayero Agabi, the president of Centre for Cyber Awareness and Development (CECAD), said that NiMES was not about the technology of things but about what technology could do for people.

    Agabi, who is the convener of NiMES said that the programme was about how technology could make lives better.

    He called on Nigerians to collaborate and birth ideas that would lead Nigeria into a knowledge and digital country.