The Minister of Communications and Digital Economy, Isa Pantami in Abuja yesterday announced that Nigeria is halting the importation of Subscriber Identification Module (SIM) cards, as the nation is now equipped to produce enough to meet its demands and export to other African countries.
Driving the news
This act is one of the several reforms the executive bill presented to the House of Representatives by the Minister of Communications and Digital Economy seeks to address in the Information and Communications Technology (ICT) sector.
- Primarily, the executive bill’s aim is to create the right environment for technological growth in Nigeria for both innovators and investors.
Nigeria has the most startups in Africa with most of them in the financial technological sector due to the under provision of the banking sector in the country. But the environmental challenges in operating a business out of Nigeria makes the country rank sixth in African tech ecosystems in 2021/2022 according to fdi.
Why it matters
The proposed bill focuses on attracting investments to fund and establish problem solving technological innovations by young Nigerians in the country. Invariably, this pathway could boost technological growth in Nigeria and also potentially position technological innovators as employers of labor.
- Ultimately, the establishment of foreign investors in Nigeria would improve the country’s struggling economy.
What they are saying
Isa Pantami said the private sector is responsible for 91% of financial inflow into the economy therefore if this bill is passed into law, it would encourage the participation of investors in the country.
- The legislation is titled “Bill for an Act to Provide for the Creation and Development of an Enabling Environment for Technology Enabled Startups in Nigeria.”