The Nigeria Startup Act, formerly known as the Nigeria Startup Bill (NSB), has been passed into law.
President Muhammadu Buhari has signed the Nigeria Startup Act into law in an effort to expand Nigeria’s tech ecosystem and boost the country’s startup scene.
Isa Pantami, minister of communications and the digital economy, made the announcement.
The Nigeria Startup Act, which was started last year by the Nigerian government and a group of influential figures in the country’s tech sector, lays out guidelines for how startups and governing and regulatory authorities should work together to enhance the nation’s expanding tech ecosystem.
The new act was created to strengthen Nigeria’s startup sector and make it the best in Africa.
The new law would hopefully lead to a more favorable climate for Nigeria’s tech sector.
The Nigeria Startup Act has three primary goals, one of which is to close the communication gap that currently exists between startups and the government regulatory agencies that oversee them.
Using concessions including tax exemptions, government loans, and financial inclusion programs, the Startup Act hopes to foster the development, innovation, and expansion of startups in the country.
After Italy approved the world’s first startup law in 2012, Tunisia and Senegal would be the first African countries to follow suit.