The Federal Executive Council approved a plan to further foster and harness the digital innovation and entrepreneurship ecosystem in Nigeria, at its meeting on May 18, 2022.

This followed the presentation of a note by the Minister of Communications and Digital Economy, Professor Isa Ali Ibrahim Pantami, a statement issued by Dr Femi Adeluyi

Technical Assistant (Research & Development) to the Minister, dit.

To further strengthen the ecosystem, the Federal Executive Council has approved the following recommendations, pursuant to Executive Order 003 and Presidential Order 005.

The first is that the Federal Ministry of Finance, Budget and National Planning and the Nigerian Investment Promotion Commission (NIPC) should prioritize the provision of tax relief and other incentives such as the tax relief scheme. Pioneer Status Incentive (PSI) to the technology and innovation ecosystem.

The second is that the Nigerian Copyright Commission, the Trademark Registry and the Patent and Design Registry should work with the National Information Technology Development Agency (NITDA) to develop a framework for intellectual property (IP) for the technology and innovation ecosystem within two (2) months; and the third is that the Bureau of Public Procurement (BPP) should work with NITDA to develop a framework that will ensure the involvement of technology innovation startups in public procurement processes to encourage ideation, l innovation and designing solutions to solve development problems within two (2) months.

The Nigeria Startup Bill (NSB) was previously approved by the Federal Executive Council and forwarded to the National Assembly and the process is approximately 90% complete. Board approval of the incentives will consolidate long-standing gains in the NSB process.

The implementation of the National Digital Economy Policy and Strategy (NDEPS) highlights the importance of the innovation ecosystem and startups for the development of an indigenous digital economy. The ministry will continue to position Nigeria to develop this ecosystem to transform Nigeria into a country with a sustainable and thriving digital economy.