The Presidency and the Nigerian tech startup ecosystem with support from other major stakeholders, held a Ministry, Department, or Agency (MDA) consultation session on the 16th of August 2021, to review the proposed draft of the Nigeria Startup Bill (NSB). The NSB is an act that is being designed with the hope to harness the potentials of Nigeria’s digital economy through co-created regulations, whilst ensuring that Nigeria’s laws and regulations are friendly, clear, planned, and work for the tech ecosystem.
In May 2021, key players in Nigeria’s startup ecosystem met with some representatives of the Nigerian Presidency to discuss one thing – the creation of Nigeria’s first startup Bill. This joint initiative led by the Presidency through the Federal Ministry of Communications and Digital Economy in partnership with key stakeholders in Nigeria’s startup industry stakeholders believes that the Nigerian tech ecosystem has come of age; from the emergence of billion-dollar companies, landmark acquisitions, and multi-million dollar funding rounds, therefore it is important that it keeps growing.
For the opening remarks, Mr Oswald Osaretin Guobadia, the Senior Special Assistant to the President on Digital Transformation and the NSB Lead noted that ‘‘the NSB is one among a series of key activities the Presidency is using to drive the building of a more sustainable ecosystem for young people in Nigeria to thrive and scale.” He also emphasized that ‘‘the bill will ensure that there’s regulatory certainty, required infrastructure and access to capital to support the growth of startups and capacity building.
Mr Kola Aina, the founder and General Partner of Ventures Platform Fund, when speaking about the purpose of the bill, made it known that the bill is being proposed to provide an enabling environment for the growth of startups, guard against different challenges faced by startups such as seemingly disruptive regulations, lack of regulatory certainty and “weak infrastructures like broadband, open data, and digital platforms that limit the optimization of the many benefits of the digital economy”. He also informed the attendees that Nigeria is not the first country to work on a startup bill and that several other countries such as Rwanda, the UAE (especially Dubai), and the UK have rolled out incentives and legislation aimed at attracting startups.
The Minister of Communications and Digital Economy, Dr Isa Pantami, while giving his goodwill message, emphasized that the gap [between startups and the Government] will be bridged by the NSB and that there will be a Council consisting of Federal Government representatives and other stakeholders in the startup community, for the purpose of continuous engagement. He added that by bridging the gap, “[the] Government will be able to know the challenges being encountered by the startups, and what [the] Government needs to do in order to alleviate the challenges.”
Professor Ibrahim Gambari, the Chief of Staff to the President of the Federal Republic of Nigeria, who represented President Muhammadu Buhari assured that “The Executive will do everything within its power to galvanize actions from other arms of Government towards this singular objective” of bringing the bill to fruition. He also made it known that the President is “fully behind the big tent approach which engages both the private sector and Government players”.
Various attendees spoke on the purpose of the bill, issues being addressed by the Ministry, and how the Ministry of Communications and Digital Economy’s plan factors and connects to the NSB.
In the past, sudden and unplanned regulatory pronouncements have negated the growth of startups and innovation in Nigeria. Many Nigerians and international tech enthusiasts have also questioned if the government truly intends for startups to thrive in Nigeria. With the NSB, there is clearly hope at the end of the tunnel for startups in Nigeria, and the promise of a bright future for all stakeholders involved.
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