Facilitating the Implementation of the Nigeria Startup Act
The long awaited legislation which offers tax breaks for startups and their employees, a path to dialogue with government officials, and the Startup Investment Seed Fund for founders holds so much positive sentiments and a promising future for the tech ecosystem in the country.
The process of birthing the Nigeria Startup Act (NSA) was a collaborative effort between the government and industry stakeholders and its need came as a result of the regulatory uncertainties around the tech ecosystem.
Now that the Act has been enacted, the crucial next step remains the implementation of the Act by the government, private sector and various institutions working in collaboration.
Victor Fabumode an artificial intelligence (AI) policy researcher and digital government specialist, who is also the Project Manager of the Nigeria Startup Act in his interview with Tech next spoke about the implementation of the Act, He noted that the National Information Technology Development Agency (NITDA), which is the secretariat of the National Council for Digital Innovation and Entrepreneurship (one of the key provisions of the Nigeria Startup Act), is leading this process of implementation.
NITDA plays a crucial role in the Act which complements its already existing position as the government agency responsible for developing programs and policies that drive the growth of technology and tech-enabled businesses in Nigeria.
It will also collaborate with other existing MDAs to ensure that startups are allowed to enjoy the incentives that are provided for under the Act”.
Victor in his interview alluded to the fact that the process of implementation has kickstarted. The team (NSA, NITDA and JICA) visited Tunisia, the only African country that has successfully implemented a startup act — to understudy what they are doing differently, particularly how the law is impacting their ecosystem.
It is important to note that Lagos State has already commenced the domestication of the Nigeria Startup Act and some states are in process of kickstarting theirs.
The enactment and proper implementation of the Act will likely encourage continuous growth of the tech ecosystem, reduce the trend of startup failure and positively impact the economic growth of the country as a whole.
Written by Deborah Nwanguma, from the NSA Content Team
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