The Minister for Communication and Digital Economy, Isah Ali Pantami,says Nigeria can now produce its Subscribers Identification Module (SIM) and even supply to other African countries.
He disclosed this while briefing members of the House of Representatives on the importance of an Executive Bill seeking to create enabling environment for technology innovators in Nigeria to maximise their potentials by becoming job creators in the ICT sector.
Titled: “a Bill for an Act to Provide for the Creation and Development of an Enabling Environment for Technology Enabled Startups in Nigeria,” the proposed law according to the Minister will attract serious investment to expand numerous business ideas by young Nigerians who come up with problem-solving innovations on daily basis without having to depend on government for sustainability.
He said since the private sector controls 91% of financial inflow into the economy as demonstrated by available statistics, the Bill if passed into law will encourage investors seeking to expand innovative ideas, just as he gave instances of 5 leading startups in Africa originating from Nigeria.
“There are 7 Unicorns in Africa and 5 have roots in Nigeria with offices in Nigeria but registered in other countries due to lack of enabling laws to protect their innovations and investment.One of the startups that came up in 2018, by 2020, their value rose to $3trn which is the largest in Africa, and they are based in Lagos.
“The essence of this Bill first of all is to create jobs for the teeming youths through these innovations and improve the economy,” Pantami said.
He said the bill when enacted will create a regulatory Council which will be chaired by the President, with a view to providing policy guidance to tech startups.
“There will be a Council to be chaired by the President which is the best practice anywhere in the world. He has accepted to be the Chairman and my humble self as Minister will deputise Mr President on the Council,” he said.
