The Federal Government has budgeted N10bn for the take-off of the Start-Up Act, signed into law by President Muhammadu Buhari, GCFR last year. Minister of Communications and Digital Economy Isa Ali Pantami disclosed this in Abuja while providing further insight into the funding and execution of the policy. 

According to him, the N10bn will be an annual budget provision to support start-ups in technology, thereby creating more economic opportunities. He said the funding could either take the form of grants, seed funding or loans all geared to encourage innovation and technology. 

The Nigeria Start-Up Act project is a joint initiative by Nigeria’s tech startup industry and the Presidency to harness the potential of the digital economy through co-created regulations. 

Information and communication technology (ICT) is a major driver of the Nigerian economy, contributing over 18% of the Gross Domestic Product (GDP) according to the National Bureau of Statistics (NBS).