By Adedapo Adesanya
President Muhammadu Buhari on Wednesday signed the Nigeria Start-Up Bill into law at the State House, Abuja.
The bill seeks to create and develop an enabling environment for technology-enabled startups in the country.
The bill, which was approved by the Federal Executive Council (FEC) in December 2021 and passed by the National Assembly in July 2022, is a collaborative effort of the Presidency, the Federal Ministry of Communications and Digital Economy, the Nigerian Export and Promotion Council and other government agencies.
The Senate, on July 20, following a report by the Senate Committee on ICT and Cybersecurity headed by Mr Oseni Yakubu, approved the bill.
Now, upon assent, it would be known as the Nigerian Startup Act 2022.
According to Mr Yakubu, the council would create and develop an enabling environment for technology-enabled startups in Nigeria.
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, NITDA 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.
The Act has also been harmonised with existing relevant laws, including the Nigeria Data Protection Regulation 2019, Nigeria Export Processing Zones Act (NEPZA) and the Industrial Training Fund (Amendment) Act 2011.
The Nigerian Startup Bill started as a joint initiative by the nation’s tech startup ecosystem and the Presidency to harness the potential of Nigeria’s digital economy through co-created regulations.
The bill was sponsored by Mr Ajayi Boroffice, deputy Senate leader.
The bill, after consideration, was referred by Senate President Ahmad Lawan to the committee on trade and investment for further legislative input.
Presenting the report then, Mr Yakubu said that the bill sought to establish the National Council for Digital Innovation and Entrepreneurship.
Modupe Gbadeyanka