Nigeria has taken a step closer to enacting the Nigeria Startup Bill (NSB), which aims to strengthen and enable the country’s technological ecosystem.
The law has now been approved by the Federal Executive Council and is being referred to the National Assembly by President Muhammadu Buhari.
The NSB attempts to create a conducive environment for Nigerian startups to succeed, and it addresses issues such as disruptive regulation, inadequate infrastructure, and difficulty getting funding, particularly for non-fintech enterprises.
The Bill came about as a result of close collaboration between the Presidency, the Federal Ministry of Communications and Digital Economy, the Nigerian Export and Promotion Council, and other government bodies, with nearly 300 volunteers and private sector players, including venture capital firms Future Africa and Ventures Platform, participating.
“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.
