The Startup ecosystem has received a landmark boost with the enactment of the Nigeria Startup Act. This enactment elevates Nigeria to the class of countries who have “seen the light” and are focused on creating an enabling environment for startups to sustainably thrive. Nigeria now joins other countries like Italy, Tunisia, and Senegal who have also enacted their startup laws.
Now that the Act has been enacted, one of the most crucial next steps remains the implementation of the Act by the government, private sector and various institutions working in collaboration. For the first time, Nigerians will see a law that is a product of a joint effort between government and industry stakeholders. This collaboration will be even more pronounced in its implementation as stakeholders will be actively involved in the implementation process.
The Secretariat established under the Act, will be managed by the National Information Technology Development Agency (NITDA) while an appointed implementation board will oversee the implementation of the provisions of the Act.
The Act however goes ahead of the other jurisdictions to create the Startup Consultative Forum. This underscores the need to ensure a collaborative operationalization of the Act. The consultative body known as the Startup Consultative Forum, will provide a platform for information sharing and collaboration in the Nigerian startup ecosystem with respect to the relevant incentives that apply to startups, information on available local capabilities and the nomination of ecosystem representatives to the Council.
This forum will comprise of industry stakeholders and representatives of labelled startups, venture capitalists, angel investors, incubators, accelerators, innovation hubs and civil society organisations involved in the advancement of technology and innovation.
One interesting thing about the Nigeria Startup Act is that it will position the startup ecosystem as the leading digital technology centre in Africa, supporting innovative entrepreneurship and enabling entrepreneurs with cutting-edge skills and exportable capacity. The Act will also provide an enabling environment for the growth of startups, guard against different growth challenges they face and most importantly ensure adequate harmonisation of the statutory obligations and regulations of startups in Nigeria.
