The Senate recently passed the Nigeria startup bill after scaling through the third reading. The Bill will ensure that Nigeria’s laws and regulations are precise, well-thought-out, and supportive of the tech sector.
The ultimate objective is to help create an atmosphere that fosters growth and protects investments in tech start-ups.
The bill was first drafted in June 2021 to harmonize existing laws and regulations and incorporate legal framework input from influential ecosystem leaders (MDAs, States, and Networks).
The initial draft was then validated in July 2021 after being reviewed by ecosystem leaders and representatives and the Presidential Working Group, which is made up of MDA decision-makers who are crucial to putting the bill’s provisions into effect.
In August 2021, there was a public input and approval of the second draft of the bill with ecosystem stakeholders at the state level in all geopolitical zones, the Presidential Announcement and Town Hall meetings were held.
President Muhammadu Buhari authorized the passage of the Nigeria Startup Bill to the National Assembly in February 2022.
The Nigeria Startup Bill announced this on its Twitter handle to the delight of Nigeria’s startup and hubs ecosystem.
Nigeria joins Tunisia, Senegal, Ethiopia, and Kenya as the fifth African nation to pass the bill
What this means to Nigeria’s tech ecosystem
The Bill will give startups a defined regulatory framework so they can operate with confidence within the bounds of the law, which unquestionably comes at a critical time. Additionally, it might increase investor trust in the industry.
The bill also aims to support indigenous media and launch Nigerian start-ups into the worldwide tech and start-up scene, giving them access to the world marketplace and boosting their visibility, clientele, and income.
This bill will probably elevate Nigeria to the top spot in Africa for tech investments. This implies that hundreds of young entrepreneurs will receive capital to develop and scale their innovations and that young people will see significant increases in their incomes and job opportunities.