Prof Isah Ali Pantami, Minister for Communication and Digital Economy, said yesterday that the private sector controls about 91 per cent of financial flow into the country.
The minister spoke 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 potential by becoming job creators in the Information Communication Technology (ICT) sector.
He also said the country produces its Subscriber Identity Module (SIM) as well as for export to other African countries.
Pantami said the Executive Bill entitled: “A Bill for an Act to Provide for the Creation and Development of an Enabling Environment for Technology-Enabled Startups in Nigeria,” will attract serious investments to expand numerous business ideas by young Nigerians who fashion problem-solving innovations without depending on the government for sustainability.
He said the bill, if passed into law, will encourage investors seeking to expand innovative ideas and gave instances of five leading startups in Africa originating from Nigeria.
He said: “There are seven Unicorns in Africa and five 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 came up in 2018 and by 2020, their value has risen to $3trillion, 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.”
He stressed that when passed into law, the bill will create a Regulatory Council which will be chaired by the president to provide policy guidance to technological startups.
He said: “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 the Minister of Communication will deputise Mr President on the Council.”
He argued that the purpose of the Bill was to encourage competition and not discourage it, adding that the President heading the Council meant that there will be no bottlenecks that will hinder it and the implementation of executive policies.
He explained that “funding can’t be an issue because the private sector controls 91per cent of financial inflow into the economy,” and that “the Council is to create an enabling environment for inventors to come in and invest in the startups which is what obtains anywhere in the world.”
He said funding for startups under the new law would be in form of soft loans given by the Nigeria Sovereign Investment Authority with flexible interest rate and repayment timeline.
On role of the NCC, he said the Council would not affect the NCC as it is in charge of telecommunications while the Council deals with innovations in the information communication technology (ICT) sector.
He said: “If there are effects on the NCC, there will be positive ones through creation of solutions for the Telecom sector, as the mandate of the NCC will not be affected but instead supported.”
He also said there is no friction between the function of the National Assembly as this Bill deals with government policies which are different from laws enacted by the Legislature.
The House leader, Alhassan Ado Doguwa, said the interaction was necessary to provide background information that will enable the majority party defend the Bill on the floor during debates.
“This is one of the very critical component that we deal with, especially when it has to do with an Executive Bill such as the one before us, and it’s a practice to invite the Executive to engage with the National Assembly to explain to us why we need to have such a Bill at this time.
“And of course no matter the amount of explanations given, we are not unmindful of its importance as it helps us to speak on the floor from the position of strength.
“And we have a duty particularly in my office to defend this Bill with regard to its importance to the generality of the people of Nigeria and we are going to do just that based on information available to us,” Doguwa assured the minister.
