The Nigerian Senate approved the Nigeria Startup Bill (NSB), which aims to strengthen the nation’s technological environment and enable the industry.
The Presidency developed the law in collaboration with key figures in the Nigerian technology sector. The Federal Executive Council approved it in December and referred it to the National Assembly by President Muhammadu Buhari.
According to a letter from the president that is included with the law, the goal is to make Nigeria’s startup environment the best in Africa. The public may access the whole law here, while a summary is available here.
Following the Senate’s passage of the measure last week, it will now go to the House of Representatives for three readings. Once consensus has been reached, all that is required for it to become law is the president’s approval.
The Nigerian Export and Promotion Council, the Federal Ministry of Communications and Digital Economy, the Presidency, and other government agencies worked closely together to create the Bill. Nearly 300 volunteers and private sector members, including the venture capital firms Future Africa and Ventures Platform, also contributed.
“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,” said Oswald Osaretin Guobadia senior special assistant to the President on Digital Transformation and the NSB Lead.
Italy approved the first unique startup legislation in the world in 2012, and Tunisia and Senegal were the first two African nations to adopt it. Several nations, including Mali, Ghana, the Democratic Republic of the Congo (DRC), Rwanda, and Kenya, are enacting laws at various stages.
