Nigeria Startup Bill is enacted by Buhari
The Nigeria Startup Bill (NSB), which was recently approved by both chambers of the National Assembly, has received the assent of President Muhammadu Buhari.
One of the main goals of the measure is to close the communication gap between regulators and entrepreneurs and make sure that regulations that are harmful to Nigeria’s digital sector are repealed.
The Federal Government developed the bill in conjunction with 30 digital industry experts, including the founders of Ventures Platform, Kola Aina and Future Africa, Iyin Aboyeji, and the Minister of Digital Economy, Isa Pantami.
By means of a tweet on his Twitter account on Wednesday, Pantami declared that the bill has now been signed into law.
“His Excellency, @MBuhari has just assented to Nigeria Startup Bill. It has now become Nigeria Startup 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!”
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 Ibrahim (@ProfIsaPantami) October 19, 2022
The new law stipulates that a startup’s headquarters and place of incorporation must both be in Nigeria; a startup in the NSB must have operated in Nigeria for no more than 10 years; a startup in the NSB must have at least 51% of its shares held by Nigerians; a startup in the NSB must devote at least 15% of its expenses to research and development; and a startup in the NSB must have no more than 100 employees, excluding contract workers, consultants, and other
Initiated in 2021, the Nigerian Startup Bill was approved by the Senate and House of Representatives before being signed into law by the president.
