President Muhammadu Buhari has approved a new policy to provide an enabling environment for the development of startups in Nigeria.

Mr Buhari, in a press statement, disclosed that the Federal Executive Council on Wednesday approved the Nigeria Startup Bill (NSB) which will be transmitted to the National Assembly for passage into law.

“The Council approved the Nigeria Startup Bill (NSB), which will ensure an enabling environment and regulatory support for our Startups,” Mr Buhari who presided the meeting had said.

According to Mr Buhari, the NSB came as a result of collaborations between the presidency,  Ministry of Communications and Digital Economy, and the private sector, and relevant stakeholders.

He also noted that the Minister of Digital Economy, Isa Pantami, and the Attorney General of the Federation, Abubakar Malami, have been directed to ensure quick passage of the bill.

“The Nigeria Startup Bill will create a National Council for Digital Innovation and Entrepreneurship, chaired by the President, and with all relevant stakeholders on board,” the president said.

Additionally, the bill “provides for the establishment of a Federal Government Seed Fund for Nigerian startups and innovators, and National Innovation Parks and Hubs, as well as tax and other fiscal incentives to support Nigerian innovation.”