While addressing the forum, Kashifu Inuwa, NITDA’s director general, who was represented by Mr. Emmanuel Edet, the acting director, Regulation and Compliance described the platform as more than just a stakeholder meeting.

“It is a commitment to building a stronger tech ecosystem through collaboration, inclusion, and data-driven governance, marking a new phase in the implementation of the Nigeria Startup Act,” he said.

He noted that the Nigeria Startup Act is more than legislation—it is a framework for national development. “Startups are not fringe players. They are central to Nigeria’s economic future,” he asserted.

Inuwa further mentioned that over the past eight months, NITDA has driven key activities under the Act.

These include stakeholder workshops across 10 states, roadshows at tech events like Lagos Tech Week, the Omniverse Summit, Moonlight Conference and the Akwa Ibom Tech Week, and awareness campaigns through digital and direct engagement.

The forum, according to Inuwa, will serve as a feedback engine, spotlighting regulatory gaps, guiding policy improvements, and shaping a startup-friendly environment.

Under the Renewed Hope Agenda and the guidance of the Federal Ministry of Communications, Innovation and Digital Economy, NITDA continues to support startups through initiatives like the Startup Portal, tech infrastructure deployment, and digital skill training across the country.

The DG emphasised that for startups to thrive, policies must be inclusive and responsive. “Inclusion is not charity. It is a strategy,” he said, calling for equal representation across gender, region, and sector.

While inaugurating the members if the Conservative Forum on behalf of the director-general, Oladejo Olawunmi, the director of IT Infrastructure Solutions, ignited the forum with a call to action, envisioning it as a vital nexus for collaborative breakthroughs. He inspired the members, saying, “We remain deeply committed to nurturing a space where innovation can flourish, and I call upon each of us to embrace the task ahead by shaping ideas into concrete policy and outcomes that leave a lasting impact.”

Earlier, Victoria Fabunmi, national coordinator of the Office for Nigerian Digital Innovation (ONDI), in her opening address called the Forum, a “structured dialogue between those building the future and those enabling it.” She outlined five key pillars for success: access to funding, capacity building, supportive policy, inclusive innovation, and global competitiveness.

She urged startups to speak boldly, private sector players to offer more than capital, development partners to scale what works, and government to harmonize efforts. “This Forum must be a problem-solving platform, not another talk shop,” she concluded.

With the Startup Consultative Forum now launched, NITDA aims to turn policy into action, ensuring startups are no longer on the sidelines, but at the center of Nigeria’s innovation journey.

The virtual event was attended by private sector players, development agencies, verified Ecosystem Support Organisations (ESOs), angel investors, venture capital firms, and labelled startups from across the country.

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The committee, inaugurated by Kashifu Inuwa, director-general of NITDA, comprises representatives from both the public and private sectors.

The NSA, enacted on October 19th, 2022, established a legal and institutional framework to foster the development and growth of Nigerian startups.

A critical provision within the Act is the Startup Label. This label recognises eligible startups, granting them access to the various benefits outlined in the Nigeria Startup Act.

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 emphasised on President Bola Ahmed Tinubu’s administration’s unwavering dedication to fostering an environment conducive to the growth and success 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 elaborated on the various initiatives and support mechanisms the government plans to implement, aimed at reducing hurdles and providing financial assistance and mentorship opportunities to young entrepreneurs.

Inuwa expressed optimism about the future, asserting 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 Nigeria 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 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 Recommend 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.

It will also periodically review its previous activities and data on labelling, to identify/recommend opportunities and gaps (e.g. DEI, sectors, capacity etc.) that policymakers may need to place added emphasis on; Periodically review workload capacity and recommend a fair ceiling for the number of applications to be considered per period.

This is in consideration of the fact that the Committee is not a full-time position; and Members shall be subject to a Code of Conduct and must duly sign this prior to commencement of duties.

She also stated that the Labelling Committee comprises Nine (9) members from the following: Four (4) Representatives of Incubators (ISN Rep, North and South); Two (2) Representatives of the Public Sector (NITDA, NSIA); Two (2) Representative of the Civil Society’ and Portal Coordinator – to serve as Secretary.

The inauguration of the Startup Labelling Committee marks a significant milestone in the implementation of the Nigeria Startup Act.

With a multi-stakeholder committee guiding the process, the Act has the potential to unlock the immense potential of Nigeria’s startup ecosystem and contribute significantly to the nation’s economic development.

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Distinguished guests, industry leaders, and technological visionaries congregated at the Oriental Hotel in Lekki, Lagos, for conversation about how emerging technologies are reshaping economies and offering unprecedented opportunities for progress and societal enhancement.

The Digital Agenda Forum 2023 was also a platform to celebrate innovators and technology enthusiasts across various fields of endeavour.

The event had in attendance leading tech innovators from the nation’s IT space, like Tony Emaekpore, President, Association of telecoms Companies of Nigeria, President, Institute of Software Practitioners of Nigeria, Dr Agada Apochi, group managing director, Unified Payments, Amos Emmanuel,, Founder, Innovationbed Africa, Femi Kalejaiye, Managing Director, Opolo, Wale Owoeye, Managing Director, Cedarview Communications, Ndidi Rita Amuchienwa, Partner Strategy Executive for EMEA, Intel and Harsh Gujarati founder C2S Innovation among others.

Dr. Agada Apochi, GMD of Unified Payments, was honoured with the prestigious “Financial Technology ICON of the Year award”, recognizing his significant contributions to the advancement of financial technology in Nigeria.

He has over 30 years of professional experience in banking and financial technology.  He is a Fellow, Chartered Institute of Bankers of Nigeria, Fellow, International Academy of Cards & Payments, Fellow, Institute of Credit Administration, Certified International Cards & Payments Professional (CICPP), Certified Associate of Capability Maturity Model Institute, Chartered Mediator and Conciliator, Barrister and Solicitor.

Tony Emoekpere was recognised with the “Outstanding Contribution to Telecom Development Award” for his long standing consistency in the nation’s Telecommunication Industry. He is a C-Level Executive and accredited Project Manager with over 23 years’ experience in Telecommunications Management, ICT Service Provisioning, Infrastructure Design, Implementation, and Maintenance.

He is a graduate in Electrical/Electronic Engineering from the Obafemi Awolowo University Ile-Ife, member of the International Institute of Electrical and Electronic Engineers and member of the Project Management Institute.

Hajia Thaibat Adeniran was awarded with “Outstanding Contribution to Insurance Tech” for her exceptional contributions to the advancement of insurance technology.

“Blockchain Influencer of the Year” was bestowed upon Oluseyi Akindeinde Founder Hyperspace Technologies for his profound impact in shaping the blockchain landscape. With over two decades of expertise in the technology and information security sectors, he recently dedicated a significant portion of his professional journey to understanding and addressing the security challenges within Electronic Funds Transfer (EFT) and Financial Transaction Systems (FTS).

He has had the privilege to share the findings of his comprehensive research work at an array of esteemed conferences and with prestigious organisations such as the NSA, CBN, ISSAN, CCIBN, CIBN, EFCC, NSE, EPPAN, and the executive councils and senior management of numerous financial institutions across Nigeria.

The awards underscore the dedication and innovation of these individuals in driving Nigeria towards a future where technology plays a transformative role in societal progress.

In his welcome address, Don Pedro Aganbi, Country Partner of Technology Africa, expressed gratitude amidst the gathering of thought leaders and innovators. He emphasized the transformative power of emerging technologies such as AI, Cloud, Blockchain, 5G, IoT, digital payments, Metaverse, Renewable Energy, robotics, and big data analytics.

“With a commitment to steer our nation toward sustainable development through strategic integration of these transformative tools, we aim to unlock the full potential of technology for the benefit of all Nigerians,” stated Don Pedro Aganbi.

The Digital Agenda Forum 2023 encapsulated a collective commitment to innovation, collaboration, and progress. It brought together luminaries and pioneers to chart a course that transcends barriers and fosters inclusivity in harnessing the potential of technology for the betterment of Nigeria.

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Professor Isa Ali Ibrahim (Pantami), the Minister of Communications and Digital Economy, inaugurated the committee on behalf of His Excellency, President Muhammadu Buhari in a hybrid event at the Digital Economy Complex, Mbora, Abuja.

Giving a historical overview of the journey so far from the conceptualisation of the bill to its enactment into law by the President on 19th October 2022, the Minister stated that the Nigeria Startup Bill was first drafted and formulated in 2021 with inputs from relevant and critical stakeholders.

He stated that Ministries, Departments and Agencies (MDAs) of government, private sectors, industry players, young innovators and stakeholders from the academia were engaged in town hall meetings organised in the six geopolitical zones of the country with the purpose of collecting their inputs, constructive criticisms and recommendations to create a robust and credible document.

Describing the inauguration of the NSA implementation committee as a milestone achievement towards the attainment of a digital Nigeria, Pantami urged the committee members to coordinate operational plans and establish the baseline for the ecosystem in terms of digital innovation and entrepreneurship.

“In this implementation committee, we have brought together relevant stakeholders, some from government, some from the private sector, some from the ecosystem, some from the academia, some from legal institutions and many more to come together and provide the leadership that is required for the technical implementation of this very important law”, he stated.

While noting that economies globally are driven by technology, knowledge, digital innovation and entrepreneurship, Pantami stated that priority and preference should be given to a knowledge-based economy rather than a resource-based economy in the country.

He further stated that countries like the United States of America, China, Japan, Germany, India and the United Kingdom which are the major contributors to the global Gross Domestic Product of 101.6 trillion US dollars are leading economically because they give preference to a knowledge-based economy.

“According to statistics as of December 2022, digital enterprises are directly and indirectly contributing a minimum of 53 trillion US dollars to the global GDP. By implication, you can safely say that more than half of the global GDP depends on technology, digital innovation and digital entrepreneurship”, he said.

Today, digital entrepreneurship, digital innovation and knowledge-based activities are building the global economy and we need to invest in our youths that have innovative ideas”, he added.

He further stated that Nigeria is blessed with so many talents and innovators, and that young Nigerians have been making the country proud by winning prizes at global ICT events in UAE, Barcelona, USA and Saudi Arabia.

While emphatically stating that the NSA would consolidate the achievements of startups in the country by providing legal frameworks as well as technical and financial backing to further encourage them, the Minister said that “Today in the Act, there is a provision of supporting them financially. The government will set aside a minimum of 10 billion naira annually in addition to other sources of funding that have been captured in the law”.

Prof. Pantami also noted without a doubt that it will consolidate the achievements made thus far by the Ministry in terms of broadband penetration, 4G penetration, development of policies for digitalization, digital ID in Nigeria, government revenue generation amongst others.

Announcing the Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa CCIE as the secretary of the committee, the Minister urged all the members to expend their time, energy, knowledge and experience to support the ecosystem so as to reduce importation in the country and prioritise production.

Earlier, in his welcome address, Kashifu Inuwa appreciated all members of the committee for agreeing to contribute their expertise to the national assignment of implementing the Nigeria Startup Act.

He stated that the committee is responsible for creating an enabling and sustainable environment for young and talented people to develop more profitable and innovative-driven enterprises for national development.

While noting that startups are critical drivers for economic growth, Inuwa asserted that implementing the Nigeria Startup Act will be a game changer that will help create a legal and institutional framework to develop the Nigerian startup ecosystem.

“I wish to sincerely appreciate your acceptance to serve on this committee and I have no doubt that our collective expertise and experience will help us implement the NSA successfully”, he concluded.

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The current economic and sociopolitical environment in which the Central Bank of Nigeria (CBN) possesses certain monopolistic, statutory powers in the creation and management of national currency and foreign reserves is characteristically pained, complicated and stressed.

For instance, on the macroeconomic front, there is the unprecedented presence of virulent stagflation (the concurrent existence of unemployment and inflation) following import restrictions side by side with undue applications of ways and means which conspired with a series of external and internal debts that both aggravated the multiplier effect of money supply and crowded out private sector investment respectively.

This is, in addition, to exchange rate volatility in a heavily import-dependent economy, the uncontrollable balance of payments deficits resulting in dwindling foreign reserves, frightening national budget deficits leading to escalating national borrowings, and grappling with the existential challenge of a huge underground economy.

Like never before, political gladiators now wield state powers to restrain opposition parties from campaigning in certain strategic locations.

With the rising wave of impunity, there are reports of stack naira bills running into billions, held ahead of the 2023 general elections, apparently for vote buying and other political mischiefs.

Physical cash estimably put at hundreds of millions are paid daily across the 36 states and FCT as ransoms to bandits, terrorists, kidnappers, etc. in the land where hunger roars like a ferocious beast in the face of heightening insecurity.

The above structural background is of great national concern and should be tackled with a great sense of national urgency. However, it does appear from the body language of the CBN Governor and as contained in the CBN fact sheet that much of the solution lies in the CBN currency redesign.

This is not surprising as the CBN Governor has since interpreted its mandate beyond its conventional jurisdiction to include agriculture, industries, production, curbing of criminal activities oozing from the political and socio-cultural atmosphere and the moves to cushion the effect of COVID-19.

Is the CBN biting more than it can chew? Well, for one, the CBN Act mainly charged it, inter-alia the responsibility “to promote monetary stability and sound financial structure in Nigeria”.

This mandate reveals that the monetary authorities have limited powers to single-handedly address the above sociopolitical and economic crises hunting the Nigerian state. This symbolic warfare can only be won in the spirit of the sincerity of purpose, patriotism and proper policy coordination between the monetary and fiscal authorities.

Sadly, there are clear signs of rising discordant tones between both authorities. Earlier in October, the Minister of Finance had opened up on national media that her office (which is at the apex of the fiscal authorities) was not carried along with the initiative of currency redesign, even when the extant law made room for the Ministry to be adequately represented through the presence of the permanent secretary of the Federal Ministry of Finance in any of the CBN board of Directors sessions.

Meanwhile, the CBN Governor, rather than resolving the purported information gap quietly, chose to use the same media to inform Nigerians that he has the backing of the President.

Looking at the circumstances, first the economic realities; between December 2015 and September 2022, currency in circulation doubled from N1.46 trillion to N3.23 trillion.

This period coincided with the heavy quantitative easing of currency production via the monetary printing press which was a clear violation of section 38 of the CBN Act of ways and means lending, alongside the massive central bank intervention funds, particularly during the COVID-19 era to October 2022.

Unfortunately, about 85 per cent of N3.23 trillion (i.e. N2.7455 trillion) in circulation is outside the vaults of commercial banks.

In effect, monetary policy becomes impotent, as a chunk amount of currency is not within the CBN monetary control space.

The CBN is, no doubt, attempting to reverse the ugly trend it earlier induced through currency redesign. Nevertheless, the CBN Governor should not brush aside the fact that the potency of monetary policy also depends on the spread differential between the nominal interest rate and the real interest rate. Presently in Nigeria, the nominal interest rate is higher than the real interest rate which is a potential culprit that may truncate the efficacy of monetary policy.

The current, unusual boom-and-bust behaviour in the foreign exchange market (FOREX) cannot be largely attributed to the naira redesign program as FOREX can importantly be characterized as one exhibiting the animal spirit syndrome.

Indeed, a host of forces ranging from diaspora remittances, oil receipts and theft, FDI, FPI, the tremendous quest for foreign education, and heavy reliance on imported refined products like petro to remote forces like significant political upheavals, flooding etc. all play a role in determining who buys what and who sells what in the FOREX.

By elementary principle, if the demand for the dollar is higher than the supply of the dollar in the Nigerian FOREX then the value of the dollar will appreciate over the value of the naira and vice versa. However, there seem to be some extravagant expectations over the strengthening of the naira against the dollar following the new currency redesign policy.

Well, the naira redesign no doubt has its share of influence on FOREX. For one, it complements the CBN policy move to contract the money supply.

This means that there will be fewer naira units chasing the dollar. Hence naira will at best only tend to gain value over the dollar in the interim.

This effect is inconsequential to the impact the currency redesign will have on the naira via the naira dollar speculative channels.

Lastly, currency redesign cannot earn seignorage (the real revenue government earns from printing national currency) for the government as it is meant to replace existing currency in circulation from which seignorage had already been earned at the time of print.

In all, the currency redesign as an economic solution will not have much of the desired effect on tackling the macroeconomic crises confronting the masses, particularly as stagflation typically poses a policy dilemma.

The monetarists believe that inflation is a purely monetary phenomenon, yet empirical studies have shown that prolonged stagflation succumbs to supply-side solutions, an option that largely depends on the operations of the fiscal authorities.

However, the currency redesign will be an enabler in achieving certain secondary objectives that are within the purview of the fiscal authorities.

First, currency redesign will considerably mop up much liquid in circulation used for terrorist financing and other related criminal activities like banditry, kidnapping, narcotics etc.

It will also aid in minimizing money politics (i.e. guarding against vote-buying activities) in the upcoming general elections in February 2023. Quite frankly, whether these laudable goals will see the light of day strongly depend on the willingness, credibility and preparedness of institutions (EFCC, DSS, NSA, security agencies etc.) which operate within the fiscal authorities.

If these institutions are ready to pursue national interest against all odds, then we will be confident that the sociopolitical environment will once again occupy its pride of place in society where insecurity will be significantly minimized and a newly credible-electoral process is installed to usher in men and women of character, capacity and competence in governance.

One major reason the CBN was granted independence is to be free from any form of political influence. Hence, the CBN Governor should remain politically neutral.

This implies that while the primary reasons for the naira redesign to address currency counterfeiting, the high cost of physical cash management, worsening shortage of clean and fit banknotes in circulation, the enhancement of digital/electronic transacting channels of the naira and the strategic move to bank the unbanked are laudable, he should avoid the temptation of throwing his weight around critical national assignments like tackling social vices and political mischiefs.

The truth is the primary reasons for currency redesign are complementary (not competitive) to the secondary reasons which lie within the scope of the fiscal authorities.

Though the speed at which physical cash flows from the unbanked to the banked is still very unimpressive given the January 31st 2023 deadline, but then, any extension beyond this date will grossly compromise the checks and curbs of money politics.

I hereby strongly appeal to both authorities (fiscal and monetary) for the sake of national interest to put aside their differences having in mind that money is a ‘social contrivance’, a national instrument that makes the sociopolitical and economic alignments inseparable.

*Dr. Eromosele teaches at the Federal University Otuoke, Bayelsa State

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The number of tech startups in Nigeria was estimated at around 3,300 in 2020, the highest number in Africa, according to Statista. To follow, South Africa and Kenya counted approximately 660 and 600 startups in the same year, respectively. 

As a fact, the ecosystem is still at the peripheral stage and one common argument is that Nigeria’s tech ecosystem is too fragmented. However, one of the initiatives that is envisaged to be a catalyst for growth is the Nigeria Startup Bill which is now a law.

The much anticipated Nigeria Startup Bill was assented to on the 19th of October, 2022, by President Muhammadu Buhari. What this means is that the Bill has now become a law (Nigeria Startup Act, 2022).

The overall goal of the Nigeria Startup Act, (NSA) 2022 is to harness the potential of the country’s digital economy and tech ecosystem through co-created regulations that are concise. 

The Nigerian government believes that the Act will contribute to the creation of an enabling environment for the growth, attraction, and protection of investment in tech startups.

Recall that the NSA was an Executive Bill, initiated by both the Office of the Chief of Staff and the Office of the Minister of Communications & Digital Economy. 

“Our young people are our most valuable natural resource, at home and abroad. Their ingenuity, creativity, innovation, and entrepreneurial spirit are evident to all.

“We will partner with the legislature to develop an enabling environment to turn their passions into ideas that can be supported, groomed, and scaled.”

NSA as a Catalyst for Growth

The Nigeria Startup Act is one of the laws that had both the private and public sectors collaborate to create a law that works for startups. “It means that we are headed in the right direction as a nation,” Mohammed Ibrahim Jega, Founder, of Startup Arewa, told TechEconomy 

According to Jega, the Act tends to focus on providing more access to startups to grow and scale. He said the sections that describe the Startup Portal, Incentives, Regulatory Support from NITDA, etc., clearly indicate a forward-thinking approach to regulation in Nigeria.

Jide Awe, Public Policy Consultant on Science, Technology, and Innovation, said the Nigeria Startup Act aims to create an environment that promotes and supports tech startups and entrepreneurship in the country.

“This development will boost local content development and innovation. As a result, the expectation is that this will lead to the creation of more jobs locally and will attract foreign investment to Nigeria.”

In a note to TechEconomy, Jide reiterated that the Act aims to make it easier for ecosystem participants to interact and collaborate more deeply with those in business, education, research and development, finance, and government. 

“New products and services, improved productivity, and efficiencies introduced by startups expand the digital economy, creating new social and economic opportunities.”

Implications for Tech Ecosystem

The tech ecosystem will be highly impacted by the Act, and Jega believes that the ecosystem will see more early-stage startups grow in such a way that startups that are operated in remote areas can have access to items such as the seed fund and even other relevant tax and fiscal incentives.

There are projections that the NSA will catalyze startups. “We should expect more funding as the plan is to also continuously position the country as an investment destination for startups, and there are even incentives for such an investment attraction for VCs, PE firms, angel investors, and others.”

“It would be wise for the ecosystem to try to get their startups labeled to even harness more benefits from the Act.”

In addition, Jide asserted that the Act is an avenue to boost youth innovation and bring more young people into the startup space. 

“It can contribute towards enabling Nigeria’s large population of young people—one of the largest youth populations in the world—to realize their potential.

“Improving the ease of doing business with startups provides a welcoming environment for tech-based enterprises while attracting investors and new players to Nigeria’s tech startup ecosystem.”

Caveats 

If there is no implementation of what has already been outlined, the Act will remain a mere Act. The ecosystem’s potential will only be harnessed if actions are taken. 

In his words, Jega said a lot of work is still ahead in terms of the need for robust implementation and continuous collaboration from within the ecosystem to ensure we can achieve the optimal impact of the Act.

He said there is still a need for states to key into the Act and ensure they can adopt the Act to drive growth and competitiveness at state levels.

Jide suggested that there is a need for multistakeholder implementation and collaboration as it remains critical for inclusive impact and sustainability. “The government and stakeholders must now take action to achieve the Act’s goal.”

​”​Recognition of the startup ecosystem has to be practical. Implementation should be simple, efficient, and not bogged down by bureaucracy. The government and stakeholders should faithfully implement the Act in line with its intentions. 

For example, the Special Startup Fund established under the Act needs to be functional and practical to facilitate more accessible access to capital and expand the startup ecosystem.

Conclusion

The tech ecosystem needs to continuously show support for the Act by participating and engaging in areas such as implementation for the potential of the Act to come to fruition.

In the medium to long term, Nigeria needs to experience more growth in the ecosystem that will create hundreds of unicorns emanating from the country and drive full employment for the country.

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