State Government Urged to Unlock Digital Economy with Startup Act
Emma Okonji
The ONE Campaign, in collaboration with the Nigeria Startup Act Secretariat, has called on various state governments to embrace the Nigeria Startup Act and harness its provisions to unlock the vast potential of the digital economy.
The call follows the completion of the first phase of the Startup Act State Adoption campaign in six states – Kwara, Osun, Ondo, Kano, Plateau, and Oyo.
The Nigeria Startup Act provides a comprehensive roadmap to establish supportive policies, regulations and programs that can create a flourishing ecosystem that fosters innovation, attracts investments, and generates much-needed employment opportunities for the country’s vast population of unemployed youth.
Nigeria Country Director at ONE Campaign, Stanley Achonu, said: “Nigeria is facing an alarming unemployment rate, and the dire need for job creation is evident, particularly for the teeming young population. Unlocking the immense potential of the digital economy is crucial to addressing this pressing issue. By embracing the Nigeria Startup Act, state governments can unleash a wave of innovation, attract investments, and foster job creation on a significant scale. Already, ONE and the Startup Secretariat have taken proactive steps to drive engagement and awareness in six states, bringing together key players from both the public and private sectors within the tech ecosystem to highlight the substantial benefits of the Act and assist the state governments in customising and drafting the state versions to suit their specific needs. We call on other states to acknowledge the transformative potential of the digital economy and take swift action to adopt and implement the Nigeria Startup Act.”
State Adoption Lead, Nigeria Startup Act Secretariat, Mrs. Tracy Okoro Isaac, spoke about the success of the program and lessons learned, saying, “65 per cent of the young people for whom we are creating poverty eradication and employment programs and initiatives are in the states; and as such, the State Adoption Program is driven on the premise that unless states and local governments create an enabling environment for citizens to thrive, every other endeavour or initiative that is deployed in the country will not be sustainable. The State Adoption Program encourages and supports state governments to adopt the Act, create and support digital economy ecosystems, ensure a conducive environment for wealth creation, and promote a balanced approach to managing disruption and displacement.”
The Act encompasses essential provisions such as streamlined business registration processes, tax incentives for startups, access to affordable financing, intellectual property protection, investment promotion, and other measures that are vital for startups to navigate the complex business landscape, engender a culture of entrepreneurship and attract both local and international investors.
