The much anticipated Nigerian Startup Bill 2022 has recorded some significant progress after it was passed on Wednesday by the Senate.
A bill is a document that is presented to the National Assembly for the purpose of deliberation, prior to being passed into law.
However, before the Nigerian Startup Bill can be made law, it requires the signature of President Muhammadu Buhari.
10 Things You Should Know About The Nigerian Startup Bill 2022
- The bill seeks to create and develop an enabling environment for technology-enabled startups in the country.
- The bill will establish the National Council for Digital Innovation and Entrepreneurship.
- This bill has 11 chapters, and all of them have been crafted to provide the enabling environment for startups to be very successful.
- The bill will provide for ease of doing business to ensure transparency, efficiency, and productivity in Nigeria
- The National Council for Digital Innovation and Entrepreneurship is to be chaired by President Buhari.
- There is also the operational structure of the Council in which all the relevant institutions have a role to play in providing the enabling environment for startups to thrive.
- The bill will address the startup leveling process, where a startup is going to be labeled. And after that, there is eligibility for a grant.
- The bill will remove government bureaucracies.
- The bill provides a process to follow, which is very easy, and in the end, the government will be able to provide the grant.
- The bill also will establish the startup investment seed fund, where there is going to be a dedicated fund to be provided by the federal government for our young innovators all over the country to apply for the startup investment Seed Fund to begin their own process if they need that.
