In a recent development, the president of Nigeria, Muhammadu Buhari, has assented the Nigeria Start-Up Bill into law, now called the Nigeria Start-Up Act, 2022. This was disclosed by The Minister of Communications and Digital Economy, Isa Pantami, in a tweet on Twitter. The Nigeria Start-Up Bill is a joint initiative by Nigeria’s tech startup ecosystem, several government bodies and the presidency to harness the potential of the digital economy through co-created regulations and provide an institutional framework.
Nigeria Start-Up Bill was drafted to create an enabling environment for tech startups in Nigeria to launch and scale their products and prevent the reoccurrence of earlier tribulations, such as the ban on two-wheeler vehicles and cryptocurrencies. The bill will ensure that Nigeria’s laws and regulations are clear, planned and work for the tech ecosystem, which is projected to contribute to establishing, growing, attracting and defining a clear regulatory framework and protecting investment in tech startups in the country and to provide tax breaks.
An organized council will govern the start-up bill.
Pantami said the startup law, which holds vast benefits for the Nigerian economy, adopted an approach to allow startups to identify business challenges and engage in them. Based on the provisions of the law, to unlock the full potential of the Nigerian ecosystem, the Start-Up Bill will cater to areas including training, capacity building and development, startup label, tax and fiscal incentives, accelerators and incubators, and regulation support, among others. The Federal Government also plans to set up an N10 billion fund for tech startups in the country.
The bill will be overseen by the Council for Digital Innovation and Entrepreneurship, which encompasses the President, the governor of Nigeria’s Central Bank, representatives of the Startup Consultative Forum, the Director-General of Nigeria’s information and technology regulator and other key government officials. They will be in authority of policy guidelines and the realization of the bill’s goals, which include encouraging cooperation between startups and policymakers and ensuring that Nigeria’s rules and regulations are beneficial to the digital sector.
Stakeholders from different backgrounds and regions within the country.
Since its introduction in 2021 following President Mohammadu Buhari’s speech, there have been several focus groups and townhalls across different regions, learning series engagements, state rallies, and roundtable discussions all aimed at getting the inputs of stakeholders from different backgrounds and regions within the country. Several African countries have launched similar bills over the last couple of years with the same objectives. They include Tunisia, Kenya, Senegal and Ethiopia.
This Start-Up Act went through various readings since its draft was submitted to the Presidency and the country’s Federal Executive Council (FEC) last October before it was enacted. It was first approved by the FEC, then approved by the National Assembly and currently with the Senate providing this support months after. The Nigerian Start-Up Bill Secretariat is located at the HQ of the Nigerian Technology Development Agency (NITDA). To be eligible for this certification, the startup company must be a registered Limited Liability Company running for not more than 10 years with at least one Nigerian co-founder.
Digital sector contributions to the country’s economy.
The minister noted that the digital economy sector had contributed a lot to the Nigerian economy, adding that in the first quarter of 2020, the ICT sector contributed 14.72 percent to the nation’s GDP. In 2021, a new record was set, contributing 17.92 percent to the country’s GDP. Ultimately, another record was set in the second quarter of 2022, with the ICT contributing 18.44 percent to the GDP. He stressed that these contributions are all outstanding. The new law will boost the legal and strategic framework for the growth of the sector.
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Nigeria Start-Up A bill was prepared in order to establish an atmosphere in Nigeria that would make it easier for digital companies to begin and expand their businesses.
The bill would guarantee that Nigeria’s laws and regulations are clear, planned, and work for the tech ecosystem. It is expected to help develop, grow, attract, define, and safeguard investment in tech firms in the country and provide tax incentives.
Nigeriastartup A bill was prepared to establish an enabling climate for internet companies in Nigeria to launch and scale their businesses and avert prior difficulties, such as the ban on two-wheeler vehicles and cryptocurrency.
This is a positive thing since it will enable the potential of the digital economy to be harnessed via the co-creation of legislation and will give a framework for institutions.
The bill would guarantee that Nigeria’s rules and regulations are transparent, well-planned, and functional for the country’s technological environment.
This is positive because it will foster collaboration between entrepreneurs and politicians, which is crucial for ensuring that Nigeria’s laws and regulations support the growth of the country’s digital economy.
These contributions have all been remarkable, and the new legislation will strengthen the legal and strategic framework that is necessary for the expansion of the industry.
Due to the sector of the digital economy has made significant contributions to the economy of Nigeria, there should be a greater emphasis placed on the sector in terms of both investment and attention.
Nice move from the executives Nigeria is really evolving developmentally. This bill will encourage and provide adequate provision for startups and also give room for innovation.
This is a welcome development anything that would boost the digital environment in Nigeria kudos for signing the bill for start up into law
This is a nice move by the government, the start up bill passed into law which will really help and improve our digital economy and boost it
A number of tech startups never got to see the light at the end of the tunnel. They crashed when they barely launched. Thankfully, with this law, growing, attracting and defining a clear regulatory framework and protecting investment in tech is assured.
The bill will ensure that Nigeria’s laws and regulations are clear, planned and work for the tech ecosystem, which is projected to contribute to establishing, growing, attracting and defining a clear regulatory framework and protecting investment in tech startups.
The tech/ICT is fast becoming a sector that is developing and promoting the economy of most developed nations of the world. Government introducing Start up in tech with some fund is applaudable.
I will really appreciate it if the start up bill for tech/ICT is passed into law since it will greatly contribute to growth and development of our economy .
If the law is properly follow,it will be a very big deal for Nigerians who want to start business.
Some people we say, this is a nice move by the government, But for me nothing good about this government. They have killed this country. whatever project they start now, sorry to say they no start am well. is too late. my hope is in 2023 election. So Nigeran government should keep their Nigeria start-up bill passed into law to theirself. biko
Ensuring that Nigeria’s laws and regulations support the growth of the country’s digital economy should be considered before been signed