Enabling startups

The Nigeria Startup Bill Now Awaits Final Presidential Approval

By  |  July 28, 2022

On July 22nd, WeeTracker reported that the Nigeria Startup Bill (NSB), an effort by the country’s government and tech startup ecosystem stakeholders has entered a crucial stage of development. At the time, the Bill, which has been anticipated for a long time, passed its third read at the Senate.

Fresh updates from the ecosystem now inform that the Nigeria Startup Bill has reached yet another important stage; yesterday (July 27th), it passed the third reading at the country’s House of Representatives. Exactly a week after the Bill was passed by the Senate, this progress comes in the wake of increased anticipation for a startup-friendly environment in Africa’s busiest startup scene.

The NSB, having passed through the House of Assembly’s deliberations and received approval, is now awaiting the Presidency to pass it into law. The President Muhammadu Buhari administration will make the final move, after which some of the West African country’s states will begin adopting or domesticating the legislation.

Since the Bill was created by the Presidency, there is a huge possibility it will finally be passed into law. When that happens, Nigeria will join a few other African countries that have enacted what is mostly referred to as a Startup Act. First, it was Tunisia, then Senegal followed, and Nigeria might hatch the continent’s third.

High hopes are very well in the mix given the NSB’s prospects. Per a report by Ikigai and TechHive, Nigeria’s startup legislation ranks as the best in comparison to other versions across the continent, including those in the making (Ethiopia and Kenya).

In terms of governance, scope, incentives, label, and enforcement, there are indications that the NSB will not only revolutionize the country’s rather large and promising tech startupping environment regulation-wise but also serve as a good example for other emerging African tech ecosystems to follow.

Featured Image: Jotform.com

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