The Nigeria Startup Bill (NSB) has been passed into law and is now recognized as the Nigeria Start-up Act, 2022.
Over a year after its first draft was produced, President Muhammadu Buhari assented to the NBS, which is targeted at the growth of the country’s tech ecosystem.
The Minister of Communications and Digital Economy, Isa Pantami, disclosed this via his Twitter handle. He said the new act would establish the National Digital Innovation and Entrepreneurship Council.
The bill’s passage into an act automatically eradicates the legal uncertainties that have trailed the startup industry in the past. The new act is a joint initiative by Nigeria’s tech startup ecosystem and the Presidency to harness the potential of the country’s digital economy through co-created regulations.
It is believed that it will ensure that Nigeria’s laws and regulations are clear, planned and work for the tech ecosystem.
According to Pantami, it is an executive bill initiated by the offices of the chief of staff and the minister of communications and digital economy.
With the new act, Nigeria’s tech ecosystem should see an improved enabling environment soon. Tech startups in Nigeria face several regulatory hurdles and suffer from a lack of basic amenities like constant power supply and limited funding.
