By Balarabe Oshiafi
The National Information Technology Development Agency (NITDA) has inaugurated a startup labelling committee in accordance with the Nigerian startup Act, (NSA).
Reports say the committee which comprises of the representatives of the public and private sectors was inaugurated by NITDA DG, Kashifu Inuwa virtually.
According to a news release made available to Expressday on Thursday in Abuja ,the NSA espouses the legal framework for the development of Nigerian startups.
“A critical provision within the Act is the startup label. This label recognises eligible startups and grants them access to the various benefits outlined in the NSA”, NITDA disclosed.
The issuance of the Startup Label hinges on a thorough assessment and validation process to ensure a startup meets the eligibility criteria as defined by the Act. The newly formed committee will play a pivotal role in overseeing this process.
In his address at the inauguration ceremony, Inuwa harped on President Bola Tinubu’s administration’s unwavering dedication to fostering an environment conducive for the growth of young Nigerian innovators.
He acknowledged the pivotal role startups will play in propelling the nation’s economic development, and the significance of the committee’s work in nurturing and supporting these enterprises.
He enumerated the various initiatives and support mechanisms the government plans to implement so as to reduce hurdles and provide financial assistance and mentorship for young entrepreneurs.
The DG expressed optimism about the future and asserted that with the right support, these budding innovators could transform their ideas into thriving enterprises, thus contributing significantly to job creation and the overall economic prosperity of Nigeria in line with President Tinubu’s priority area to “reform the economy to deliver sustained inclusive growth.”
He urged stakeholders to join hands in creating a robust ecosystem that would empower the next generation of entrepreneurs to flourish and contribute to the country’s progress.
Inuwa added that the committee will be instrumental in establishing a robust legal and institutional framework for the successful implementation of the Startup Act. Their collaborative efforts will ensure a participatory approach that benefits all stakeholders within the Nigerian startup ecosystem.
“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,” he stated.
Speaking on the roles and responsibilities of the Committee, the National Coordinator, Office for Nigeria Digital Innovation, Victoria Fabunmi, listed the terms of reference for the advisory committee which include the following:
“Review and evaluate start-ups’ applications for label based on criteria defined in the Act and any additional criteria that may ensure quality for the label; Periodically review and update additional labelling criteria to ensure alignment with industry trends; Conduct an impartial evaluation of submitted applications for Startup Label.
Furthermore, the Committee will “make recommendations on issuance or otherwise of Startup Label based on defined criteria; Provide feedback/comments/recommendations on areas of improvement where a start-up’s application is rejected; Where necessary, dedicate time to further engage startups for more clarity/details on information provided.”
