Business
Nigeria: Buhari signs the Nigeria Start-up Act into law
Last May, the Nigerian presidency launched the Nigeria Startup Bill in collaboration with a group of Nigerian tech leaders and several government bodies to govern how startups and regulatory bodies operate and collaborate in the multi-billion-dollar tech ecosystem.
Today, that bill has been signed into law by President Muhammadu Buhari. This news was made known via a tweet by Isa Pantami, the country’s minister of Communications & Digital Economy. He also mentioned that the bill, now called the Nigeria Start-up Act, was initiated by his office and the country’s Office of the Chief of Staff.
BREAKING!
His Excellency, @MBuhari has just assented to Nigeria Start-up Bill. It has now become Nigeria Start-Up Act, 2022. It was an Executive Bill, initiated by both Office of the Chief of Staff & the Office of the Minister of Comms & Digital Economy. Congratulations to all!— Prof. Isa Ali Pantami (@ProfIsaPantami) October 19, 2022
The Nigeria Startup Bill was drafted to create a conducive environment for Nigerian startups to launch and scale their products – as well as prevent the setbacks that have ensued in the past such as the ban on two-wheeler vehicles and cryptocurrencies from occurring in the future.