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The result of a cooperative effort between the Nigerian tech startup sector and the presidency, the Nigeria Startup Bill aims to harness the potential of our digital economy through jointly developed rules.
The bill would ensure that Nigerian laws and regulations are precise, well thought out and beneficial to the ICT sector. This, in our opinion, will help create a favorable climate for the development, attractiveness and protection of investments in IT companies.
Since its inception in 2021 following President Mohammadu Buhari’s speech, numerous focus groups and town hall meetings in various regions, learning series engagements, state gatherings and roundtables have all been held in the aim to gather input from stakeholders from diverse backgrounds and regions of the country. .
After President Mohammadu Buhari’s speech, the Nigeria Startup Bill changed.
Main objectives of the bill:
- Establish a legal and institutional framework that would support the growth of startups in Nigeria.
- To create an atmosphere conducive to the creation, growth and operation of startups in Nigeria.
- Promoting Nigeria’s startup ecosystem as the continent’s premier digital technology hub, with top-notch creators with cutting-edge know-how and exportable capabilities.
- Encourage the expansion and development of technology-related talent.
Tendency
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The schedule of the bill
- June-September 2021: Nigeria’s Startups Bill is being created by the Nigerian Presidency, in collaboration with 30 tech leaders including Ventures Platform founder Kola Aina and Future Africa founder Iyin Aboyeji, NITDA officials and the Minister of digital economy Isa Pantami.
- June 2021: produce a first draft Harmonize existing laws/regulations and feed the legal framework of the main ecosystem leaders (MDAs, States, networks).
- July 2021: Validate the first draft Leaders and ecosystem representatives are reviewing the first draft as well as the Presidential Working Group of MDA decision makers critical to implementing elements of the bill.
- August 2021: Town halls Presidential and town hall announcement meetings are held for public consultation and validation of the second bill with state-level ecosystem actors in all geopolitical zones.
- September 2021: Final draft produced Editorial teams take all input and make revisions to feed into the final bill.
- October 2021: bill submitted The bill is submitted to the President who then submits the executive bill to the National Assembly.
- December 2021: bill approved by the FEC
The Federal Executive Council (FEC) approves the bill.
- February 2022: Bill adopted by the President
Nigerian President Muhammadu Buhari passes the bill through the National Assembly.
- March 2022: bill received by the Senate
The bill reaches the National Assembly and is received by the Nigerian Senate.
- June 2022: Bill was to be domesticated in Lagos
Lagos, Nigeria’s most populous state, announces plans to domesticate the bill at the state level.
- July 2022: bill approved by the Senate
The Nigerian Senate approves the bill and forwards it to the House of Representatives.
- July 2022: Bill passes third reading in Nigeria’s House of Representatives
The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.
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