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Ecosystem News Startup

This is a Big Win for the Nigerian Startup Bill

As a Startup, you should be aware of the Nigerian Startup Bill (NSB); if you haven’t, you can get an insight into the concept of the NSB and its plan because a groundbreaking revolution is coming that deeply concerns Startups.

The passing of this Bill by the legislature is a significant victory for Startups, and as you read, you will get to know why.

Let’s see what the Nigerian Startup Bill is all about.

The Nigerian Startup Bill (NSB) is a joint initiative by Nigerian Tech’s Startup ecosystem and the Presidency to harness the digital economy’s potential through co-created regulations.

And their objective is…?

The Bill exists to provide a legal and institutional framework for developing startups in Nigeria.

The National Startup Bill: Why is it such a big deal?

The nature of Startups in Nigeria is sadly very fragile. There is a significant correlation between the number of startups launched and those that fail. Experts recognize environmental, social, technological, and political elements as common causes of the failure of most startups.

Every Startup has to deal with these core challenges: capital, regulation, infrastructure, and talent. Solving these challenges is where the Nigerian Startup Bill comes in. The Bill will provide an enabling environment for the growth, attraction and protection of investment in tech startups in Nigeria.

For startups, a world without the Bill has been a big challenge. The Nigerian Startup Bill sets the stage to take actions that will address these underlying challenges and has made due provisions for that.

The NSB outlines nine provisions to unlock the full potential of startups in Nigeria.

The first five provisions cater for Startup support:

  1. The Council for Digital Innovation and Entrepreneurship.
  2. The Start-up Support and Engagement portal will allow Startups to register with appropriate ministries and agencies.
  3. Startup labelling.
  4. The Startup Investment Seed Fund will cater for the financial needs of startups.
  5. Training, capacity building & development.

The next four are to provide startup incentives and infrastructure through the following:

  1. Tax and focal initiatives
  2. Regulations support
  3. Accelerators & Incubators
  4. Clusters, Hubs and innovation parks.

Now that you are aware of the benefits of the Nigeria startup bill. Its success depends on implementation and adoption, and this effort starts with You.

For a better understanding and deeper insight into the Bill, read the summary of the Nigerian Startup Bill.

Download Here!!

Author

Winifred John

John Winifred is an experienced writer and currently interning as a Social Media Manager at PSIFON Org. Driven by passion for learning and personal growth, she takes pride in providing the best work possible. As an intern, her goals are to engage, inform and entertain her audience. In addition to her recent job functions, John Winifred has been recognized by colleagues for her extraordinary commitment to tasks.

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