President Muhammadu Buhari has assented to the Nigerian Startup Bill.
Isa Pantami, minister of communications and digital economy, disclosed that the president signed the bill into law on Wednesday.
The bill seeks to create and develop an enabling environment for technology-enabled startups in the country.
“His excellency, Muhammdu Buhari has just assented to Nigeria’s startup bill. It has now become the 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,” he said.
The Act is to provide a legal and institutional framework for the development 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.
In July, the Senate passed the bill and transmitted it for presidential assent.
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