This week, the Nigerian executive approved a bill that would formalize relations between regulators in Nigeria and startups. The bill will now be sent to parliament for approval. The Nigeria Startup Bill (NSB) is the result of collaboration among startup investors, entrepreneurs law firms, policy advocacy group representatives and federal government officials. If the startup bill is implemented successfully, it will provide a long-awaited relief for Nigerian startups who have had to navigate sudden, aggressive regulations (like cryptocurrency, motorcycle taxi, and Twitter bans). The bill was developed through frequent online and offline meetings to clarify the purpose and content. The bill is currently not public, but those involved claim that it aims to provide regulatory support to a thriving technology scene that spurs successful businesses like Jumia. Andela. Paystack. and MainOne. It attracts record amounts (over $1.4B in 2021 alone) and is creating a globally competitive workforce. The Bill has come about through a Big Tent Approach – close collaboration between the Presidency, the Federal Ministry of Communications and Digital Economy, the Nigerian Export and Promotion Council and wider government bodies with almost 300 volunteers and private sector players participating, notably venture capital investors Future Africa and Ventures Platform, legal firms TLP Advisory and Aelex, policy advisors Advocacy for Policy And Innovation (API) and Innovation for Policy Foundation, and media organisations TechCabal and Wimbart. The bill is also supported and supported by Google Nigeria and UK-Government via the West Africa Research and Innovation Hub and UK-Nigeria Tech Hub.
SOURCE: QUARTZ AFRICA | AFRICA BUSINESS COMMUNITIES