The Minister for Communication and Digital Economy, Isah Ali Pantami, 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 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.