By Adedapo Adesanya
The federal government has tasked state governments to codify the recently signed Nigerian Startup Act into law.
The Act gives every state the opportunity to build a thriving startup ecosystem and stay competitive.
Senior Special Assistant to the President on Digital Transformation and Nigeria Startup Act, Mr Oswald Osaretin Guobadia, urged the adoption and implementation of the law by states, noting that states would boost youth empowerment and develop the technology ecosystem.
“The youth are key players for growth in the nation, and it is important that they contribute to the impact of the Act by supporting, spreading awareness, and pushing for its adoption in their various states because the law is to draw out the potential of the digital and spur growth in the ecosystem,” the President’s aide stated.
He noted that states like Lagos, Yobe, Ekiti, Anambra, Zamfara, Edo, and Kaduna states have shown interest and taken steps to adopt the Act with a view to reaping its benefits.
“The Act gives every state the opportunity to build a thriving startup ecosystem and stay competitive. Some of its (Act) provisions include fostering the development and growth of technology-related talent and providing an enabling environment for the establishment, development and operation of startups in Nigeria.
“The Act will also bridge the gap between startups and regulators to ensure that the laws are clear and work for those in the technology ecosystem. With states’ adoption, one can expect to see a thriving tech ecosystem in the coming months and the birth of new startups and clearer regulations,” Mr Guobadia said.
President Muhammadu Buhari assented to the bill on October 19, 2022, to expand activities in the technology sector and bring about sustainable development of the ecosystem.
The Act gives governing power to the Council for Digital Innovation and Entrepreneurship. The council comprises the President, the Governor of the Central Bank of Nigeria, representatives of the Startup Consultative Forum, the Director-General of the National Information Technology Development Agency (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.
