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President Muhammadu Buhari said his administration has brough tremendous progress to the country’s ICT and digital economy sector underscored by statistics showing that the sector now accounts for 18.44 % of the country’s gross national product (GDP).
About N6.97 trillion was generated as revenue from the ICT sector into the government purse in 2015 representing 8.69% of GDP when he was first sworn in as president.
RELATED: Minister thrilled over unprecedented 18.44% highest ever ICT contribution to Nigeria’s GDP
“We have also launched a National 5G Policy (with commencement of rollout); capped Highway Right of Way (RoW) fees for laying of fibre-optic cables at N145 per linear meter, to attract private investment; and extended ‘Pioneer Status’ to e-Commerce and software companies,” the president tweeted after he signed the Nigeria Startup Bill into law to open a new vista of opportunities for tech and innovation small medium businesses (SMBs).
Under the new law, the Federal Government is to establish a N10 billion fund allowing startups to leverage a more robust enabling environment that could further attract and protect investment particularly foreign investors.
“In addition to the Nigeria Startup Bill (NSB), our Administration has established/launched the following: a National Digital Economy Policy & Strategy; National Center for Artificial Intelligence and Robotics; and National Data Protection Bureau,” the president further tweeted.
Earlier, he had reaffirmed his administration\s commitment to the startup ecosystem when he said: “Our commitment to creating an enabling environment for Nigerian technology startups should never be in doubt. Today I signed into Law the Nigeria Startup Bill (NSB), developed by our administration to provide stable legal framework and incentives for technology innovation.”
According to the Nigerian Communications Commission (NCC), Nigeria’s broadband penetration reached 44.5% in July 2022, Internet users grew to 122 million as at October 2022; and internet penetration rate stood at 51.0% of the total population as at January 2022.
