Domestication of the National Start-Up Act

On 21st of February 2023, the office of the Special Adviser Governance, Reforms and Innovation Mr. Seun Fakuade engaged with various players in the industry. When completed and passed by the house of assembly, the bill would help boost economic growth and provide valuable opportunities for tech startups in the State.

The Nigerian Government introduced the National Start-Up Bill to provide a framework for supporting and regulating start-ups in the country. The bill aims to create an enabling environment for start-ups to thrive and contribute to economic growth by promoting innovation, entrepreneurship, and job creation.

The State has recognized the significance of this bill and is taking measures to domesticate it.

To ensure that the domesticated bill meets the needs of stakeholders, the office of Special Adviser Governance, Reforms and Innovation to the governor (Mr. Seun Fakuade) met and engaged with various players, including tech experts, start-up owners, investors, and members of the National Startup Bill team. During these engagements, stakeholders were given opportunities to make suggestions that would improve the effectiveness of the bill.

The conversation continued on Thursday 2nd March and after taking into consideration the recommendations made by industry players, the office made final edits to the bill with these edits aimed at ensuring that the bill aligns with the unique needs of the state while also complying with national regulations. With these adjustments, the bill is set to create a more inclusive, sustainable, and supportive ecosystem for start-ups in the state.

By domesticating the National Start-up Bill, the state is taking proactive steps towards promoting innovation, entrepreneurship and job creation in the tech ecosystem.

This pioneering initiative will go a long way in creating a thriving ecosystem for start-ups and positioning the state as a hub for innovative ideas and entrepreneurial ventures.