The National Information Technology Development Agency (NITDA) has inaugurated a nine-member Start-up Labeling Committee to ensure the implementation of the Nigeria Start-up Act (NSA).
Malam Kashifu Inuwa, its Director-General of NITDA, inaugurated the committee on Friday in Abuja.
A statement issued by Mrs Hadiza Umar, Head Corporate Affairs and External Relations of the agency, said the committee comprised of representatives from both the public and private sectors.
“The composition of the committee reflects the emphasis on collaboration.
“Representatives from government agencies, industry experts, investors, and startup founders will bring their diverse perspectives and experiences to the table.
“This collaborative approach is expected to lead to a more efficient and effective labelling process, ultimately benefiting the growth of Nigerian startups,” she quoted Inuwa as saying.
Inuwa added President Bola Tinubu’s unwavering dedication to fostering an environment conducive for the growth and success of young Nigerian innovators was the prime factor for the inauguration of the committee.
He acknowledged the pivotal role startups would play in propelling the nation’s economic development, and the significance of the committee’s work in nurturing and supporting their enterprises.
Inuwa expressed optimism about the future, saying, ”with the right support, the young innovators could transform their ideas into thriving enterprises.
”Hence contribute significantly to job creation and the overall economic prosperity of Nigeria.
Inuwa urged the stakeholders to join hands in creating a robust eco-system that would empower the next generation of entrepreneurs to flourish and contribute to the country’s progress.
Umar also quoted Mrs Victoria Fabunmi, National Coordinator, Office for Nigeria Digital Innovation, as saying that part of the terms of reference of the committee included the review and evaluation of start-ups’ applications for labels based on criteria defined in the Act.
Fabunmi further said they were expected to periodically review and update additional labeling criteria to ensure alignment with industry trends and conduct an impartial evaluation of submitted applications for ‘Start-up Label’.
“Furthermore, the committee will recommend on issuance or otherwise of Startup Label based on defined criteria.
”It will also provide feedback, comments, and recommendations on areas of improvement where a start-up’s application is rejected.
“Where necessary, they will dedicate time to further engage start-ups for more clarity on information provided,” she said.
The NSA, enacted on October 19, 2022, established a legal and institutional framework to foster the development and growth of Nigerian start-ups.
A critical provision within the Act was the Start-up Label, which recognises eligible start-ups, granting them access to the various benefits as outlined in the NSA.
The issuance of the Start-up Label hinges on a thorough assessment and validation process to ensure a start-up meets the eligibility criteria as defined by the Act.
The newly formed committee was expected to play a pivotal role in overseeing the process.
The inauguration of the Start-up Labelling Committee marks a significant milestone in the implementation of the Nigeria Start-up Act.
With a multi-stakeholder committee guiding the process, the Act has the potential to unlock the immense potential of Nigeria’s startup eco-system and contribute significantly to the nation’s economic development.(NAN).
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