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The National Information Technology Development Agency (NITDA) has taken a major step in advancing the implementation of the Nigeria Startup Act (NSA) by forming a Startup Labelling Committee.
This committee, led by NITDA’s director-general, Mallam Kashifu Abdulllahi consists of representatives from both public and private sectors.
Enacted on October 19th, 2022, the NSA established a legal framework to foster the growth of Nigerian startups. A key provision of the Act is the Startup Label, granting eligible startups access to benefits outlined in the NSA.
The issuance of the Startup Label involves a thorough assessment to ensure startups meet the Act’s criteria. The newly formed committee will oversee this process.
At the inauguration, Abdulllahi highlighted President Bola Ahmed Tinubu’s commitment to supporting young Nigerian innovators. He emphasised the vital role startups will play in the nation’s economic development and the importance of the committee’s support for these enterprises.
Abdulllahi outlined government initiatives to assist young entrepreneurs with financial support and mentorship to foster their growth.
He encouraged stakeholders to collaborate in building an ecosystem empowering the next generation of entrepreneurs for the country’s progress.
The committee will play a crucial role in establishing a robust framework for implementing the Startup Act. Through collaboration among government agencies, industry experts, investors and startup founders, the labelling process is expected to be more efficient, benefitting Nigerian startups’ growth.
The committee’s responsibilities include reviewing startup applications based on defined criteria, recommending Startup Label issuance, providing feedback on rejected applications for improvement, and engaging with startups where necessary for additional clarity.
Moreover, the committee will periodically review labelling activities to identify opportunities for improvement and recommend workload limits per period. Members will adhere to a code of conduct.
The Labelling Committee – comprising of nine members, including representatives from incubators, public sector, civil society and a portal coordinator – marks a significant milestone in implementing the Nigeria Startup Act. With diverse expertise guiding the process, the Act has the potential to enhance Nigeria’s startup ecosystem and contribute to economic development.
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