President Muhammadu Buhari has signed the startup bill into law.
This was confirmed by the Minister of Communications and Digital Economy, Isa Pantami, in a post on his official Twitter page.
The bill seeks to create and develop an enabling environment for technology-enabled startups in the country.
“His excellency, Muhammdau Buhari has just assented to Nigeria startup bill. It has now become Nigeria startup act, 2022. It was an executive bill, initiated by both [the] office of the chief of staff, and the office of the minister of communication and digital economy. Congratulations to all,” the tweet reads.
The new legislation is aimed at providing a legal and institutional framework for the development of startups in Nigeria, and to “provide an enabling environment for the establishment, development and operation of startups in Nigeria”.
It also seeks to “position Nigeria’s startup ecosystem as the leading digital technology centre in Africa, having excellent innovators with cutting edge skills and exportable capacity”.
The startup act, 2022, makes provision for “the development and growth of technology-related talent”.
With the document, companies will be required to obtain a certificate known as the ‘startup label’, before they can be regarded as a startup entity.
