The Nigeria Startup Bill has been signed into law by President Muhammadu Buhari.
The signing was announced by the Minister of Communication and Digital Economy, Dr Isa Pantami on Wednesday, October 19, 2022, after a meeting with President Buhari at the Presidential Villa.
According to Pantami, following the passage of the bill, government will set up a N10bn fund for startups in line with provisions of the law, to help create an enabling environment for tech-startups in Nigeria.
The Nigeria Startup Bill project is a joint initiative by Nigeria’s tech startup ecosystem and the Presidency to harness the potential of the digital economy through co-created regulations.
The Bill seeks to ensure that Nigeria’s laws and regulations are clear, planned and work for the growth of the tech ecosystem, which will in turn contribute to the creation of an enabling environment for growth, attraction and protection of investment in tech startups.
The journey of the Nigeria Startup Bill began in June 2021 with a first draft and was passed by the National Assembly in July 2022.