New Tech Firms’ll Benefit From Startup Bill – Minister

The Minister of Communication and Digital Economy, Isa Ali Pantami, says the Startup Bill that is currently before the Federal Executive Council (FEC) will accelerate the growth of small and new technology firms in Nigeria when enacted into law.
The minister gave the assurance at the Art of Technology Lagos 3.0 themed, ‘Funding and a Connected Lagos’ in Lagos State, recently.
Pantami who spoke virtually, said the ministry would continue to support the state in its quest to achieve more in the technology space.
He said technology deployment was changing the world, with the Information and Communications Technology sector playing a crucial role in the country’s exit from recession.
The minister added that the government was determined to support the growth of startups and businesses especially with many government agencies working closely to fund and grow the business landscape.
According to him, the country has the highest number of venture capitalists and the Startup Bill, when enacted as law, will accelerate the growth of startups in the nation.
He insisted that the bill, when passed into law, would create an enabling environment for the growth, attraction, and protection of investments in the tech startup space.
The Governor of Lagos State, Babajide Sanwo-Olu, in his speech, said his administration had been deliberate about deploying technology to make governance seamless.
He said the state had been funding the technology space in line with its Smart City Agenda which has further helped the state to be the fifth largest economy in Africa.
According to him, from traffic management to security, the state is deploying technology to make life better for the people.
He stated further that the Lagos State Science Research and Innovation Council had raised the bar in assisting the state in achieving its Smart City Agenda.
The governor later announced a seed funding of N250m to grow the Lagos tech community.
Meanwhile, in a segment of the event titled, ‘Collaborate Lagos’, eight startups pitched their products for a chance to receive up to $100,000 in equity investment from the Eko Innovation Centre.