Yesterday, the Nigerian Senate passed the Nigeria Startup bill and the news, though, met with impressed nods, did not fully resonate with many. Tunisia was the first African country to pass a startup bill into law in 2018 followed by Senegal and Kenya. Nigeria may be the 4th country in tow. May? But the senate just passed the bill! Well…
While the Nigerian Senate has done a noble thing by passing the bill, it is still pending in the House of Reps and is yet to be assented into law by the Presidency. Nonetheless, because the bill addresses the headaches of startups in Nigeria; policy, local content and infrastructure, here are 8 reasons why you should be excited about this development.
- It has maintained slow but steady progress since it was first introduced.
- Among other things, the bill exists as a document to ensure regulatory support as Nigeria continues to attract hundreds of millions of dollars of international investment.
- The bill states that it will create an enabling environment for Nigerian startups to thrive. Legislation of the bill in fact addressed challenges such as disruptive regulation, weak infrastructure and difficulties accessing capital, particularly for non-fintech businesses.
- In terms of infrastructure, the bill makes provisions for tech parks, subsidised local data facilities, better broadband connectivity and open-source data.
- Key objectives of the bill include regulatory certainty, local content and providing an enabling business environment.
- The bill aims to provide regulation around startup registration, tax incentives, talent development, university-industry collaboration, and increased public tech procurement.
- The bill sounds incredibly relatable as it contains the process of reviewing issues such as the okada ban among other practical issues facing users and founders.
- And finally, not the most exciting reason but a no-brainer. Upon assent, a committee will be set up to review the policies, directives, etc. The committee will consist of the President, Vice President, select Ministers, the Central Bank Governor, the Director-General of the National Information Technology Development Agency (NITDA) as well as representatives of the Startup Consultant Forum.
The representatives of the consultant forum have not been made public yet, but we posit that this is a fantastic development and a breath of fresh air from all the gloomy updates emanating from one sector or the other, and of course the long walk to election 2023.
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