THE NIGERIA START UP BILL

The entire population of Nigeria want change, and innovations are the way through which technology seeks to accomplish this. The emergence of technology in Nigeria has produced talents and trailblazers in the field. In our many IT domains, we regularly witness a large number of start-ups emerging. The persistence of Nigerian youth demonstrated in their engagement with tech opportunities and skills demonstrates their high level of creativity, resourcefulness, and innovation. If provided with an enabling environment and supportive policies, they have the potential to drastically change the economic status of Nigeria and Africa as a whole.

With the Nigeria Start up bill NSA, this dream for Nigeria tech would become a very big reality.

So what is the Nigeria Start up bill (NSA) and how would it help engender the technological breakthrough we seek in Nigeria?

The Nigeria Startup Bill is A Bill For An Act To Provide For The Creation And Development Of An Enabling Environment For Technology-Enabled Startups In Nigeria And For Related Matters.

The Nigeria Startup bill was introduced by the Nigerian government in 2021 following the speech made by the President of the federal republic of Nigeria – President Mohammadu Buhari;

     "Our young people are our most valuable natural resource. Their ingenuity, creativity innovation and entrepreneurial spirit is evident to all. As a government, we are committed to actively engaging with the creative energies of our young people. In this regard, we would partner with the legislature to develop an enabling environment to turn their passions into ideas that can be supported, groomed and scaled across regions. This would create vast opportunities in Fintech, agriculture, business processes, start ups and in the entertainment Industry"

This speech gave rise to the Nigeria Startup Bill. And since then, a lot of organizations, groups, town halls, and communities have been enthusiastic and have organized campaigns, seminars, and roundtable discussions to encourage the president to sign the NSA law after his speech on January 1, 2021.

If you're coming across this information for the first time, you may have questions as regards the reason for the  excitement and anticipation for the signing of this bill the strategy the NSA bill has to bring this promised goal to fruition. 

It would interest you to know that the NSA has the goal of transforming the country's digital entrepreneurial ecosystem. It also aims to foster innovation and support the expansion of startups as they move through society and uplift Nigerian youth. This bill was jointly drafted by the Nigeria's tech start up ecosystem and the presidency. with the goal of maximizing the Nigerian technology ecosystem's potential by solving the four major issues that face start-up founders. Capital, rules, infrastructure, and talent are the four main areas.

Below is an excerpt from an article posted on the official website of NSA; https:/startupbill.ng/

Wednesday, the 27th of July is a monumental day in the history of Nigeria’s tech industry. Every stakeholder, ecosystem leader, innovator, citizen, policymaker and everyone else who has been engaged in driving the NSB movement received with excitement the news of the Nigeria Startup Bill passing the 3rd reading at the House of Representatives.

Speaking on the development, Stephen Edache, a volunteer on the NSB communications team said: “This is inspiring news for all of us on the team; a lot of hard work has gone into drafting the bill, generating support and just getting the word out there, and it’s great to see that all that effort is not a waste. I personally can’t wait until the final step where the president assents to the bill and startups begin to reap its benefits.”.

When evaluating the "Nigerian Startup Bill" program, it was discovered that entrepreneurship has improved in Nigeria and decreased entrepreneurial disparities. The expansion of the digital transformation in Nigeria has also had a significant impact on identifying and addressing the underrepresentation of entrepreneurs from marginalized groups in the Nigerian startup ecosystem. The objective is to continue addressing this important gap by assessing Nigeria's assurance for entrepreneurship promotion. It has been reported that the bill is moving quickly since everyone is working hard to see that it becomes law. Nigerian youth rallied before the National Assembly on April 27, 2022, to urge the bill's swift passage, and they are now fervently advocating for its adoption.

Some of the benefits of the NSA includes

To ensure that startups have access to public and private funds.

It would ensure favourable investment measures and tax relief.

Through the investment seed fund, the NSA Introduces a funding mechanism, which is to be managed by the Nigerian sovereign authority.

Also, it would provide relief for accelerators, incubators and hubs that provides services and supports for start up.

Start ups would be able to sign up on the start up support portal. And Register with ministries, departments and agencies, access Financial information and lay complaints and Interact with regulators.

Click herehttps://startupbill.ng/ to learn more about the Nigeria Startup Bill.