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Business News of Wednesday, 5 January 2022


Buhari promises increased investment in tech ecosystem

President Muhammadu Buhari President Muhammadu Buhari

Following his recent approval of the Nigerian StartUp Bill, President Muhammadu Buhari has reiterated his commitment to expanding the digital economy by creating an enabling environment for Nigeria’s tech ecosystem.

In his new year nationwide address, the president appreciated the significance of the information and communication sector and hinted at a strategic direction that would prioritise the digital economy.

He said: “In 2022 and going forward, our administration would intentionally leverage ICT platforms to create jobs, while ensuring that the diversification of our economy creates more support to other emerging sectors.

“I am proud to announce that several foreign investors are taking advantage of our ranking as one of the leading startup ecosystems in Africa to invest in our digital economy.”

President Buhari had made a similar commitment to young Nigerians in his January 2020 new year address. The president had promised to provide the necessary support for “young, creative and hardworking Nigerians”, which led to the creation of the Nigeria Startup Bill that was recently approved at the Federal Executive Council (FEC). The bill is a transformational piece of legislation that will drive unprecedented growth in Nigeria’s tech ecosystem.

Commenting on the president’s new year address, Olanrewaju Odunowo, public relations lead at the Nigeria Startup Bill project, expressed great optimism for the tech ecosystem in 2022. Mr. Olanrewaju said, “the leadership provided by the president leading to the approval of the startup bill is a sign of greater things to come for the tech ecosystem. We are also hopeful that not only would the National Assembly pass the Startup Bill in record time, we are even more confident of greater things to happen given the president’s demonstration of commitment to the sector.”