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Federal Government plans to set up a 10 billion naira fund for startups in the country

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President Muhammadu Buhari has signed the Nigeria Startup Bill into law.

The Minister of Communications and Digital Economy, Isa Pantami, announced this on Wednesday after a meeting with the President at Aso Villa.

He disclosed that the startup bill passed on July 20, 2022, was initiated by the executive arm and seeks to create an enabling environment for tech-based startups in Nigeria.

Pantami further revealed that the law which holds huge benefits for the Nigerian economy, adopted an approach to allow startups to identify business challenges and voice them out.

Based on the provisions of the law, the Federal Government plans to set up a 10 billion naira fund for startups in the country.

The Information and Communications Technology sector has so far contributed 18.42 percent in 2022.

 

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