Ecosystem stakeholders and the government started a collaboration aimed at setting up frameworks that prioritize young Nigerians while fostering an environment where they can launch and scale their startups, as well as a National Council for Digital Innovation and Entrepreneurship that supports domestic production and gives regulatory clarity; the Nigeria Startup Bill.
The Hub Ecosystem is one of the many organizations and sectors in the nation that have lent their support to the Nigeria Startup Bill since the campaign’s 2021 start. Townhall meetings were arranged in six geopolitical zones in cooperation with ISN Hubs through its member Hubs in order to network and increase support for the Startup Bill.
The main goal of the TownHall meetings was to involve stakeholders from the public and private sectors in the creation of a comprehensive and detailed law and policy to regulate the operations and activities of startups. Startups from the technological ecosystem representing all the States in each region participated in moderated panel sessions to discuss their establishment, operations, successes, and challenges. The audience took part as well, and many people left knowing more about the tech ecosystem.
On this note, congratulations to all those who contributed, cheered, and pushed for this significant accomplishment! An enabling environment for Nigeria’s startup ecosystem may soon be achieved now that the Nigeria Startup Bill has passed the third reading in the Senate and is one step closer to gaining the President’s assent.
After the third reading, the Senate Committee on Trade and Investment was asked to review the bill for more legislative input, and a response is anticipated in less than two weeks. Following this, the bill will go through the House of Representatives (HoR) for concurrence, and in the event that the HoR concurs with the bill’s provisions, it will be forwarded to the President for his signature, making it a law, and Nigeria the 5th African country with a Startup Bill.
While you may be familiar with the legislative procedures the bill must pass through, you should also be aware that it is our collective responsibility as Nigerian citizens to ensure that the bill is passed into law and that participation is the crucial element.
What can you do? Keep abreast with the developments; engage your state actors to adopt, adapt, and implement the startup bill in your state; and spread the word about the bill.
To learn more about the Nigeria Startup Bill, visit the website Here.