Nigeria Startup Bill becomes Act as Presidency signs it into law
The Nigeria Startup Bill will now be known as The Nigeria Startup Act as the presidency signs it into law on the 19th of October, 2022. The news that the Nigerian President, H.E. Muhammadu Buhari has given his assent to the much heralded Nigeria Startup Bill has brought excitement and renewed hope that the country’s tech ecosystem can grow in leaps and bounds, ushering it to new heights.
The President also stated that the government would continue to support the startup community and seek continuous collaboration with the private sector to drive economic growth. With the bill signed into law, industry stakeholders can expect that Nigeria’s laws and regulations for startups will be clear, planned and work for the tech ecosystem. This, we believe, will lead to an enabling environment for growth, attraction and protection of investment in tech startups.
The Nigeria Startup Bill (now Act) took on a big tent approach since its inception in 2021 and received overwhelming support from citizens and the government. There have been different focus groups and town halls across different regions. Learning series, engagements, state rallies, and roundtable discussions all aimed at getting the input of stakeholders from different regions across the country were also held.
The Honourable Minister, Dr Isa Ali Pantami, Federal Minister of communications and Digital Economy also highlighted that the Act is the major achievement of the digital transformation era of President Buhari because there are provisions in the Act that will change the narrative of the sector. One such provision is the Council for Digital Innovation and Entrepreneurship, which the President will lead as the Chairman.
The main function of the council is to ensure the monitoring and evaluation of the regulatory framework, formulate and provide general policy guidelines for the realisation of the Startup Act’s objectives and give overall directions for the harmonisation of laws and regulations that affect a startup.
State Adoption is crucial to the implementation of this act as this is where the true win lies. All hands must be on deck to ensure its impact is magnified, and to accelerate the growth of the tech ecosystem in every state.
Speaking on this new development, Mr Oswald Osaretin Guobadia, the Senior Special Assistant to the President on Digital transformation and Lead for the Nigeria Startup Act said “The states won’t be alone; they have the support of each one of us. This is because the main concern for all members, volunteers, and stakeholders is to ensure the full execution and adoption of the Act in order for all states to reap the advantages at a subnational level.”
The Nigeria Startup Act gives every state in the federation the opportunity to build a thriving tech ecosystem aligning with the vision of the Act towards entrepreneurship, innovation and economic growth whilst taking into account local nuances and context of the state. Thus, the key to unlocking the opportunities and growth created by the Act lies in its adoption and implementation across all 36 states.
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