President Muhammadu Buhari has signed into law the Nigeria Startups Bill under which government is to set up N10 billion Investment Fund for young innovators and also make provision for incentives and tax holidays to encourage local innovators.

The Minister of Communication and Digital Economy, Isa Pantami, who spoke with newsmen on Wednesday shortly after the Act was signed by President Buhari at the State House, Abuja, added that in recognition of the efforts of the Nigeria government in the Information Communication Technology (ICT), Microsoft has decided to train about five million Nigerians on high demands skills geared towards job creation.

According to him, the ICT contributed 18.42 per cent to the Gross Domestic Product (GDP) this year alone, while the entire contribution of Communication and Digital Economy was 40 per cent.

He explained that the new Act was an Executive Bill initiated by President Buhari through collaboration with the Minister of Communication and Digital Economy and the Office of the Chief of Staff to the president.

Pantami said prior to the passage of the bill, young innovators from the six geo-political zones of the country were engaged, adding that the Act now provides the legal and strategic framework for the innovators to make their contributions to the country.