The process of having the Nigeria Startup Act domesticated in Kwara state in order to access local and international support for young entrepreneurs in the state has begun, a statement made available to Team@orientactualmags.com disclosed on Wednesday.
The statement noted that domestication of the Nigeria Startup Act will provide support to startups and new businesses and boost economic prosperity in Nigeria and Africa.
‘This adoption comes at a time that the tech space in Nigeria and Africa is experiencing an unprecedented growth, with many young and innovative tech talents emerging and attracting significant investments from local and international players.
Kwara state, with its large pool of young, tech-savvy talents, is uniquely positioned to benefit from the adoption of the Startup Act.
The Act will provide these young talents with the necessary tools to become tech-enabled, grow their businesses, and create jobs, ultimately positioning Kwara state as a hub for technology and innovation in Nigeria and Africa’ the statement said.
Stakeholders in the state including government officials, startup founders, the academia, students, and the press/media, the statement also noted, had recently gathered to discuss the domestication of the Startup Act.
The Nigeria Startup bill which was signed into law by President Muhammadu Buhari on 19 October 2022 provides the legal and institutional framework for the development and operation of startups in the country.
The statement listed dignitaries at the Nigeria Startup Act Engagement event in Ilorin to include Commissioner for Finance, Mrs. Olasumbo Oyeyemi; Chairperson of the Kwara state Internal Revenue Service (KWIRS), Mrs. Shade Omoniyi; and a representative of the Commissioner for Business Innovation & Technology, Alhaji Ibrahim Sanni, the convener of largest tech community in the state called ‘Kwarabuild’, Mr. Kamaldeen Ibrahim, and the Director of the Kwara state University Centre for Digital Economy, Hajia Hassanat Bello.
The Government House statement further noted that during the Stakeholder Ecosystem Engagement event in question, discussions were held on how to ensure the successful adoption of the act in the state with the stakeholders submitting that the Act will provide the necessary foundation for the state’s young, tech-enabled entrepreneurs to grow their businesses and create jobs, and spur innovation in other sectors of the economy of the state.
Temi Kolawole, the Managing Director of the Ilorin Innovation Hub, was quoted to have emphasized the importance of the Startup Act in creating job opportunities for the young people in the state.
‘For our economy to grow, there needs to be more jobs. The Federal government has put together the Startup Act to encourage and support more startups all over the country, and with the support of the NSA secretariat, states like Kwara can localize the act to work better in their locality. More startups with good support from the NSA means more jobs and more jobs mean more wealth and prosperity for the society.
The modern employment landscape has changed, and our entrepreneurs cannot continue with the old ways of doing business. Part of the benefits of localizing the startup act is access to free training and capacity building for startup founders, a Startup Support Portal that allows all businesses labeled as startups to have all their business operations and complaints in one place, from business registration with the CAC, to compliance and taxes, to regulation of businesses in various industries and startup funding.
Kwara state will also be establishing a Council on Startup Entrepreneurship and Innovation/Technology to serve as the driving force in implementing the Kwara Startup Act and supporting startups in the state moving forward’ he said.
The attendees of the event also submitted that Governor Abdulrahman Abdulrazaq has consistently demonstrated his commitment to providing opportunities that had aided youth empowerment, job creation, and economic growth in the state.
‘The adoption of the Nigeria Startup Act is a significant step towards achieving this goal, and the government will work with all stakeholders to ensure its successful adoption within the next six months.
In addition, the Ilorin Innovation Hub recently hosted an E-Government Hackathon, which was planned to encourage young people to collaborate, build teams, and create innovative solutions and products that will enhance e-governance and service delivery in Kwara state. It is the first of many such events to come that will be expanded into other areas of technology like Artificial Intelligence, Fintech, Agritech, and many more. The hackathon brought together talented developers, designers, entrepreneurs, and tech enthusiasts based in Ilorin and around the country to build solutions that address key challenges faced by government agencies and the citizens of Kwara state.
The government of Kwara state is grateful to all the stakeholders who have started the process of adopting the Nigeria Startup Act, and we look forward to working with all our partners’ he added- Team@orientactualmags.com
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