Grace Ashiru
The Bill regulating startup companies in Nigeria, which was adopted by the Senate and is now awaiting President Muhammadu Buhari’s signature.
According to a statement made by Senator Babajide Omoworare, the Senior Special Assistant to the President on Matters Relating to the National Assembly (Senate), the Bill went through all the necessary legislative steps before being passed by the parliament.
The first draft of the Bill was validated in July 2021 after going through a series of reviews that included being examined by leaders and representatives of the ecosystem, as well as the Presidential Working Group, which is made up of MDA decision-makers who are crucial to putting Bill’s provisions into practice.
After receiving feedback from ecosystem stakeholders at the state level throughout all geopolitical zones, the public voted in favor of Bill’s second draft in August of 2021 and approved it. In addition to that, there were town hall meetings and the Presidential Announcement that took place.
The Bill, which comes at a key time, is meant to give entrepreneurs a clear regulatory framework to operate confidently within the bounds of the law.
It intends to position Nigeria’s ecosystem as the top technology hub in Africa, with excellent innovators who possess cutting-edge skills and exportable capabilities. This will position Nigeria as the leading country in Africa. This goal will be met when Nigeria becomes the leading economy on the African continent.
The Bill aims to encourage local media and bring Nigerian startups to the global tech and startup scene by giving them access to the worldwide market and increasing their visibility, customers, and funding access.
Nigeria will likely become the best place in Africa for tech investments if this Bill is passed. This means that hundreds of young entrepreneurs will get money to develop and sell their ideas, and wages and job opportunities for young people will go up significantly.
