Create a favorable environment for Nigerian startups

A bill to formalize the relationship between startups and regulators in Nigeria was approved by the country’s executive this week and will now go to parliament to become law. Known as the Nigeria Startup Bill (NSB), the proposal is the result of collaboration between start-up investors, entrepreneurs, law firms, policy advocacy groups and federal government officials. If the implementation of the startup bill is successful, it will provide a long-awaited respite for Nigerian startups that have found themselves facing sudden and aggressive regulations (like motorcycle taxi bans, cryptocurrency, and Twitter bans. ) Work on the bill began earlier this year involving frequent events held online and offline to clarify the purpose and content. The delayed bill is not yet public, but the goal, according to those involved, is to provide regulatory support for a thriving tech scene that is boosting successful companies like Jumia, Andela, Paystack and MainOne, attracting money. venture capital records (over $ 1.4 billion in 2021 alone) and spawning a globally competitive workforce. The bill stems from a big tent approach – a close collaboration between the presidency, the Federal Ministry of Communications and Digital Economy, the Nigerian Council for Export and Promotion and broader government agencies with nearly 300 volunteers and private sector actors, including venture capitalists. Future Africa and Ventures Platform, law firms TLP Advisory and Aelex, policy advisers Advocacy for Policy And Innovation (API) and Innovation for Policy Foundation, and media organizations TechCabal and Wimbart. Google Nigeria and the UK government, through the West Africa Research and Innovation Hub and the UK-Nigeria Tech Hub, are also supporting the bill.

THE SOURCE: QUARTZ AFRICA | AFRICAN BUSINESS COMMUNITIES


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