President Buhari Seeking to Establish Council on Startups

Nigerian President Muhammadu Buhari is seeking to establish a council on startups in Nigeria. And according to reports, the president has sent the bill to the national assembly.

According to the president, the bill is will seek the establishment of a council for digital innovation in Nigeria. President Buhari’s request is contained in a letter read by Senate President Ahmad Lawan on the floor of the legislative chamber on Tuesday, 2nd March.

Buhari disclosed that the bill will position Nigeria’s startup ecosystem as “the leading digital technology centre in Africa.”

The president’s letter to the national assembly reads: “Pursuant to section 58 (2) of the 1999 constitution of the federal republic of Nigeria as amended, I hereby forward the Nigeria startup bill 2021 for the kind consideration of the senate. The Nigeria start-up bill aims to position the Nigeria start-up ecosystem as the leading digital technology centre in Africa. The bill seeks to establish a council for digital innovation. While hoping that this submission will receive the usual expeditious consideration of the senate, please accept, distinguished senate president, the assurances of my personal regards.”

The Nigerian startup space is one that is unarguably flourishing with innovative solutions that make everyday living easier. Nigerian Startup founders are being recognised globally and investors are readily signing heavy checks for startups to expand their reach and their products.

Only recently, a Nigerian Fintech platform, Flutterwave earned a valuation of $3 billion after raising $250m in a funding round. In January 2022, 9 startups from Nigeria raised over $30 million with the number rising to 13 startups raising over $300 million as of February ending. With this number, it becomes clear that there is a need for setting up a Startup Council. Also when you consider that the Federal Executive Council (FEC) has approved the  Nigerian Startup Bill last December 2021, it becomes more important to establish the council being sought out by the president.

However, given Nigeria’s history with execution especially as it concerns non-governmental parastatals, one can only hope that this is a move that will not only benefit the startups and startup founders but the country at large.