The Senate this week in Abuja passed the Nigerian Startup Bill, 2022.
The bill following the adoption of a report by the Committee on ICT and Cyber Security, noted a statement by Dr. Ezrel Tabiowo, Special Assistant (Press) to President of the Senate.
Chairman of the Committee, Senator Oseni Yakubu (APC – Kogi Central), in his presentation, said the bill seeks to provide for the establishment of the National Council for Digital Innovation and Entrepreneurship.
According to him, the council, upon its establishment, would create and develop an enabling environment for technology-enabled start-ups in Nigeria.
Bill will enable environment for tech-enabled startups
The Nigeria Startup Bill project is a joint initiative by Nigeria’s tech startup ecosystem and the Presidency to harness the potential of our digital economy through co-created regulations. “The Bill will ensure that Nigeria’s laws and regulations are clear, planned and work for the tech ecosystem. This, we believe, will contribute to the creation of an enabling environment for growth, attraction and protection of investment in tech startups.”
The bill will provide for the creation and development of an enabling environment for technology-enabled startups in Nigeria.
The Nigeria Startup Bill is expected to address the twin challenges of low funding and absence of regulatory support. Once it becomes law, there will be a Startup Investment Seed Fund to be managed by the Nigeria Sovereign Investment Authority. The Startup Investment Seed Fund is designed to provide early-stage finance for startups, as well as support technology laboratories, accelerators, incubators, and hubs.