On Wednesday, President Muhammadu Buhari signed into law the Nigerian Startup Bill.
The Minister of Communication and Digital Economy, Isa Pantami disclosed this while briefing State House correspondents at the Presidential Villa, Abuja. He also shared the news on Twitter where he 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.
The Nigeria Startup Bill was drafted to boost a conducive environment for Nigerian startups to thrive— as well as prevent setbacks that have ensued in the past such as the ban on two-wheeler vehicles and cryptocurrencies from occurring further.
According to its draft last year, the bill seeks to tackle three main challenges for Nigerian startups: lack of an enabling environment, unclear regulatory framework and inadequate local content support.