On the 19th of October 2022, the President of Nigeria, President Muhammadu Buhari, signed into law the Nigeria Startup Bill. This Bill is now referred to as the Nigeria Startup Act 2022. This Act is targeted at the growth of the country’s tech system. As reported by This Day newspaper, The Minister of Communications and Digital Economy, Isa Pantami, disclosed this via his Twitter handle. He said the new act would establish the National Digital Innovation and Entrepreneurship Council. The bill’s passage into an act automatically eradicates the legal uncertainties that have trailed the startup industry in the past. This Act has been described as a joint initiative by Nigeria’s tech startup ecosystem and the Presidency to harness the potential of the country’s digital economy through co-created regulations.
This Act is divided into 11 parts with 48 sections ranging from the objective of the Act down to the Miscellaneous provisions of the Act. This paper highlights and analyses the various sections of the Act to achieve a holistic appreciation of the Act and its implementation as well as the position of Startups in Nigeria.
According to the Act, a Startup means a company in existence for not more than 10 years, with its objectives being the creation, innovation, production, development, or adoption of a unique digital technology, innovative product, service, or process.