The approved Nigerian startup bill by the Senate has been sent to President Muhammadu Buhari for his signature.
The measure underwent all required legislative processes before being approved by the parliament, according to a statement made by Senator Babajide Omoworare, who holds the position of Senior Special Assistant to the President on Matters Relating to the National Assembly (Senate).
After being evaluated by ecosystem leaders and representatives as well as the Presidential Working Group, which is composed of MDA decision-makers who are vital to putting the bill’s contents into practice, the initial draft was subsequently validated in July 2021.
The second draft of the bill was approved by the public in August 2021 after input from ecosystem stakeholders at the state level in all geopolitical zones. Town hall meetings and the Presidential Announcement were also held.
The Bill, which clearly comes at a crucial time, is intended to provide startups with a clear regulatory framework so, they can operate confidently within the boundaries of the law.
In accordance with Section 58(2) of the Constitution of 1999, President Buhari forwarded a letter dated February 21, 2022, to the National Assembly for deliberation to boost investor confidence in the sector.
The Startup Bill, 2021 will build and foster a climate that is favorable for the establishment of technology-enabled start-ups in Nigeria.
It aims to position Nigeria’s ecosystem as the leading technological hub in Africa, with outstanding innovators who possess cutting-edge expertise and exportable capabilities. Nigeria will become the continent’s top economy, achieving this goal.
Through access to the global market and increased visibility, clients, and money, the bill also aims to promote local media and introduce Nigerian start-ups to the global tech and start-up scene.
The passage of this bill will likely propel Nigeria to the top of Africa for tech investments. This suggests that hundreds of young entrepreneurs will receive funding to develop and commercialize their discoveries and that there will be a considerable increase in the wages and work prospects available to young people.
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