Nigeria’s Federal Executive Council has approved the Nigeria Startup Bill. With this, the bill would be sent to the National Assembly to commence the process of making it a law.
Minister of Communication, Isa Ali Pantami said the approved bill would replace the National Digital Innovation Entrepreneurship and Startup Policy.
He explained that the bill is aimed at encouraging young entrepreneurs in the country that have skills and want to do business in the telecommunications sector.
“By this, the Nigeria Startup Bill has replaced our National Digital Innovation Entrepreneurship and Startup Policy. This bill has 11 chapters and all of them have been crafted in order to provide the enabling environment for our startups to be very successful. Firstly, the bill will establish the National Council for Digital Innovation and Entrepreneurship.
“The bill also addresses startup leveling process, where a startup is going to be labeled. And after that, there is eligibility for a grant. If a startup is looking for a government grant, there is a process to follow, which is very easy, and in the end, the government will be able to provide the grant and also there is a process of issuance, this certificate of leveling for the startup.
“The bill also will establish the startup investment Seed Fund, where there is going to be a dedicated fund to be provided by the federal government for our young innovators all over the country to apply for the startup investment Seed Fund in order to begin their own process if they need that”, he concluded.
The Nigeria Startup Bill project is a joint initiative by Nigeria’s tech startup ecosystem and the Presidency to harness the potential of the country’s digital economy through co-created regulations. The Bill will ensure that Nigeria’s laws and regulations are friendly, clear, planned, and work for the tech ecosystem. This will contribute to the creation of an enabling environment for growth, attraction and protection of investment in tech startups.