*Prof. Isa Ali Pantami, Minister for Communications and Digital Economy, briefs the Federal legislators on importance of an Executive Bill seeking to create an enabling environment for technology innovators to maximise their potential and become job creators in the West African country

Gbenga Kayode | 绿帽献妻

In regard to technology innovation, import substitution, wealth and job creation, Nigeria has expressed its capacity and capability to produce Subscriber Identity Module (SIM) Cards for other countries on the African continent.

绿帽献妻 reports Prof. Isa Ali Pantami, Honourable Minister for Communications and Digital Economy, disclosed this development Wednesday, April 20, 2022, while engaging the House of Representatives on an Executive Bill in the National Assembly (NASS), Abuja, FCT.

The Minister’s appearance before the Federal legislators was to update them on the importance of the Executive Bill seeking to create an enabling environment for technology innovators towards maximising their potential in becoming job creators in the ICT sector.

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In a bill titled, 鈥淎 Bill for an Act to Provide for the Creation and Development of an Enabling Environment for Technology-enabled Start-ups in Nigeria鈥�, Prof. Pantami informed the lawmakers, that the proposed law would attract investments to expand the numerous business ideas by young Nigerian innovators.

Bill designed to attract inventors to invest in Nigerian tech start-ups

The Minister also noted since the private sector of the economy controls 91 percent of the financial inflow into the Nigerian economy as demonstrated by the available statistics, the bill, if passed into law, will further encourage investors seeking to expand innovative ideas in the ICT sector.

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Pantami said: 鈥淭here are seven Unicorns in Africa, and five have roots in Nigeria with offices in Nigeria but registered in other countries due to lack of enabling laws to protect their innovations and investment.

鈥淥ne of the start-ups that came up in 2018, by 2020, their value rose to $3trn which is the largest in Africa, and they are based in Lagos.鈥�

He further stated: 鈥淭he essence of this bill, first of all, is to create jobs for the teeming youths through these innovations and improve the economy.鈥�

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When enacted into law, Pantami disclosed that the bill would create a regulatory Council chaired by the President, with a view to providing policy guidance to tech start-ups in the West African country.

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According to him, 鈥渢here will be a Council to be chaired by the President, which is the best practice anywhere in the world.

“He has accepted to be the Chairman and my humble self as minister will deputise Mr. President on the Council.鈥�

The Minister noted that 鈥渇unding can鈥檛 be an issue because the private sector controls 91 percent of financial inflow into the economy.

“The Council is to create an enabling environment for inventors to come in and invest in the start-ups which is what obtains anywhere in the world.鈥�

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Funding for start-ups under the new law will be in the form of soft loans, aided by the Nigeria Sovereign Investment Authority with flexible interest rates and repayment聽 timelines, stated Pantami.

Role of Nigerian Communications Commission (NCC)

In respect of the role of the Nigerian Communications Commission (NCC) in the coming arrangement, Prof. Pantami as well noted that the Council would not affect the regulatory Commission, as it is in charge of telecommunications sector activities in the country.

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Whereas the new Council deals with innovations in the ICT sector of the economy, he said.

The Minister also explained 鈥渋f there are effects on the NCC, there will be positive ones through the creation of solutions for the telecoms sector as the mandate of the NCC will not be affected but instead supported.鈥�

Earlier, Alhassan Ado Doguwa, Leader, House of Representatives, had told the Minister that the interaction was necessary to provide background information for defending the bill during debates on the floor of the House.

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