President Muhammadu Buhari, on Wednesday, signed the startup bill into law.
Isa Pantami, minister of communications and digital economy, disclosed this in a post via his official Twitter handle.
The bill seeks to create and develop an enabling environment for technology-enabled startups in the country.
“His excellency, Muhammdau Buhari has just assented to Nigeria startup bill. It has now become Nigeria startup act, 2022. It was an executive bill, initiated by both [the] office of the chief of staff, and the office of the minister of communication and digital economy. Congratulations to all,” the tweet reads.
The new legislation is aimed at providing a legal and institutional framework for the development of startups in Nigeria, and to “provide an enabling environment for the establishment, development and operation of startups in Nigeria”.
It also seeks to “position Nigeria’s startup ecosystem as the leading digital technology centre in Africa, having excellent innovators with cutting edge skills and exportable capacity”.
The startup act, 2022, makes provision for “the development and growth of technology-related talent”.
With the document, companies will be required to obtain a certificate known as the ‘startup label’, before they can be regarded as a startup entity.
According to the document, startups can also access a special seed fund created under the law. The fund will provide labelled startups with finance and also provide relief to technology laboratories, accelerators, incubators and hubs.
In July 2022, the senate passed the Nigerian startup bill 2022,after a report by the its committee on ICT and cyber security.
Presenting the report, Oseni Yakubu, chairman of the committee, said that the bill sought to establish the National Council for Digital Innovation and Entrepreneurship.