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 measure, which has now been passed by the Federal Executive Council and is being handed to the National Assembly by President Muhammadu Buhari, was drafted by the Presidency and leaders of the Nigerian technology industry.
The NSB aims to create an enabling environment for Nigerian startups to succeed, and it addresses issues including disruptive regulation, poor infrastructure, and difficulty getting funding, especially for non-fintech enterprises.
The Bill was drafted in 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.