The Federal Executive Council (FEC) has approved the Nigeria Startup Bill (NSB) and is being sent to the National Assembly by President Muhammadu Buhari for approval.
Despite having the highest number of startups on the continent, currently estimated at 750, Nigeria ranks below countries like South Africa, Kenya, and Tunisia in terms of business friendliness.
While Kenya and Tunisia have passed their Startup Bills into law and South Africa are in the process of passing theirs, the results of boosting business friendliness will be significant.
With FEC approval on Wednesday, December 15, 2021, Nigeria has moved a step closer to rolling out its landmark NSB that will further deepen the country’s technology ecosystem and enable a sector on the cusp of exponential growth.
The bill will also ensure regulatory support as Nigeria continues to attract hundreds of millions of dollars of international investment.
Applauding the big tent approach, country director at the UK-Nigeria Tech Hub, Adaeze Sokan, said the inclusive and collaborative process is laudable and can serve as a framework for policy formulation in the country.
With an already flourishing, world renowned tech ecosystem in place, a more robust macro environment will enable Nigerian startups to further their missions, power the economy, create more good jobs and propel the country’s development in a globally competitive context, says senior special assistant to the President on Digital Transformation and the NSB Lead, Oswald Osaretin Guobadia.
“The NSB is one among a series of key activities the Presidency is using to drive the building of a more sustainable ecosystem for young people in Nigeria to thrive and scale,” Guobadia added.
Founder and general partner of Ventures Platform Fund, Kola Aina, added, “the bill is being proposed to provide an enabling environment for the growth of startups and guard against different challenges faced by startups such as seemingly disruptive regulations, lack of regulatory certainty and weak infrastructure like broadband, open data, and digital platforms that limit the optimization of the many benefits of the digital economy.”