On 19 October 2022, the President of the Federal Republic of Nigeria gave his assent to the Nigeria Startup Bill 2021, effectively signing it into law as the Nigeria Startup Act 2022 (the Act). In the main, the Act serves to establish a legal and institutional framework for the advancement of labelled startups in Nigeria, and to create an environment that encourages the formation, growth and operation of startups in Nigeria. More so, the Act seeks to foster the growth of tech-related skills and place the Nigerian startup ecosystem as the foremost digital technology hub in the continent.
In this newsletter, we highlight some of the notable provisions of the Act, and their potential impacts on key stakeholders
