By Ibiyemi Mathew
President Muhammadu Buhari has signed the Nigeria Startup Bill into law. The Nigeria Startup Bill is a joint initiative by Nigeria’s tech startup ecosystem and the Presidency to harness the potential of the digital economy through co-created regulations.
The Minister of Communications and Digital Economy, Isa Pantami after meeting with the President at the Presidential Villa on Wednesday revealed the assent the President had given.
According to Pantami, the Startup Bill passed on July 20, 2022 was initiated by the executive arm and seeks to create an enabling environment for tech-based startups in Nigeria.
He said the law which holds huge benefits for the Nigerian economy, adopted an approach to allow startups to identify business challenges and voice them out.
Before its assent by the President today, the Nigeria Startup Act went through various readings since its draft was submitted to the presidency and the country’s Federal Executive Council (FEC) last October.
The Council for Digital Innovation and Entrepreneurship will govern the bill. It comprises the President, the Governor of Nigeria’s apex bank, representatives of the Startup Consultative Forum, the Director-General of Nigeria’s information and technology regulator and other key government and private officials.
They will oversee policy guidelines and realization of the bill’s objectives, which include fostering collaboration between startups and policymakers and ensuring that Nigeria’s laws and regulations are clear, planned and work for the tech ecosystem.
According to information available on the website of the law (https://startupbill.ng/), the law will ensure that Nigeria’s laws and regulations are clear, planned and work for the tech ecosystem.
Based on the provisions of the law, the Federal Government plans to set up a N10 billion fund of startups in the country which is reasonably believed that the law will contribute to the creation of an enabling environment for growth, attraction and protection of investment in tech startups in the country.