The Nigerian Startup Bill has been recently passed by the Senate.
There are a lot of novel innovations imported by this particular legislation into the Nigerian landscape. The bill is a joint initiative by the Nigerian technology startup ecosystem in synergy with the presidency, in an attempt to utilize the potential of the Nigerian digital economy through co-created regulations.
The bill aims to bridge the engagement gap between startups and regulators.
In the same vein, the bill also seeks to make adequate provisions for the establishment, development, and operation of startups in the country through incentives like tax breaks, government loans and credit guarantee schemes.
Similarly, the bill also seeks to promote local content and provide the proper infrastructure that is needed for the rapid growth of startups.
All these are done to position Nigeria as a leader in the technology space.
This is a welcome development for start-ups, and it is hoped that it will soon become law.