President Buhari promulgates the Nigeria Startup Bill

The Minister of Communications and Digital Economy, Isa Pantami, announced this on Wednesday, October 19, 2022, after a meeting with the President as Aso Villa.

When the bill was passed: He disclosed that the startup bill passed on July 20, 2022 was initiated by the executive arm and seeks to create an enabling environment for tech-based startups in Nigeria.

Pantami further revealed that law which holds huge benefits for the Nigerian economy, adopted an approach to allow startups to identify business challenges and voice them out.

Based on the provisions of the law, the Federal Government plans to set up a 10 billion naira fund of startups in the country.

The Information and Communications Technology sector has so far contributed 18.42 percent in 2022.

What Buhari said: In his official statement, the president noted “Our young people are our most valuable natural resource, at home and abroad. Their ingenuity, creativity, innovation and entrepreneurial spirit is evident to all.

“We will partner with the legislature to develop an enabling environment to turn their passions into ideas that can be supported, groomed and scaled.”

The Nigeria Startup Bill project is a joint initiative by Nigeria’s tech startup ecosystem and the Presidency to harness the potential of our digital economy through co-created regulations. The Bill will ensure that Nigeria’s laws and regulations are 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.