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    El-Rufia to Invest $100 Million in Northern Nigeria Venture Fund

    El-Rufia to Invest $100 Million in Northern Nigeria Venture Fund

    Chief Kefas Ropshik Unveils the Kefiano Creative Hub

    Chief Kefas Ropshik Unveils the Kefiano Creative Hub

    LemFi Suspends Operations in Ghana

    LemFi Suspends Operations in Ghana

    Fez Delivery Expands Operations to the UK

    Fez Delivery Expands Operations to the UK

    Jos DevFest 2023 Unveils Exciting Developments in the Google Developer Group Ecosystem

    Jos DevFest 2023 Unveils Exciting Developments in the Google Developer Group Ecosystem

    Nigeria Empowers Youths: Launches 3MTT to Tackle unemployment

    Nigeria Empowers Youths: Launches 3MTT to Tackle unemployment

  • FEATURED
    Based on The Metric of Naira Against The Dollar, Bosun is Right-Retnan Daser

    Based on The Metric of Naira Against the Dollar, Bosun is Right-Retnan Daser

    How Code Plateau’s Demise Will Impact Tech Talent Development in Plateau State

    How Code Plateau’s Demise Will Impact Tech Talent Development in Plateau State

    Resurgence of Innovation: The Revamp of Tech Startups in Jos, Plateau State.

    Resurgence of Innovation: The Revamp of Tech Startups in Jos, Plateau State.

    Nigeria’s Cash Swap Policy: Goals versus Results

    Nigeria’s Cash Swap Policy: Goals versus Results

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

  • BLOCKCHAIN
    Binance now accepts Naira Deposits and Withdrawals

    Binance now accepts Naira Deposits and Withdrawals

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Is Africa Ready to Operate a Digital Monetary Policy?

    Is Africa Ready to Operate a Digital Monetary Policy?

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

    PLA2SMART Set to Lead a New Frontier in Nigeria’s Tourism Economy

    Bundle Launches Web App to Give Users More Accessibility to Crypto

    Bundle Launches Web App to Give Users More Accessibility to Crypto

  • FINANCE
    CBN prohibits Foreign Banks from Offering Banking Services

    CBN prohibits Foreign Banks from Offering Banking Services

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    Flutterwave gets Switching and Processing licence from CBN

    Flutterwave gets Switching and Processing licence from CBN

    Google Expands its Digital Wallet to South Africa

    Google Expands its Digital Wallet to South Africa

    FCCPC Orders Drawdown of Online Credit Companies

    FCCPC Orders Drawdown of Online Credit Companies

  • START UPS
    Fez Delivery Expands Operations to the UK

    Fez Delivery Expands Operations to the UK

    Bolt launches Accelerator Den Program with €25,000 Investment in 20 Drivers

    Bolt launches Accelerator Den Program with €25,000 Investment in 20 Drivers

    Paystack to cut off on Operations Outside Africa and Layoff Some Staff

    Paystack to cut off on Operations Outside Africa and Layoff Some Staff

    AltSchool Secures $3 Million Crowdfund and Gains Financial Aid from Rwanda

    AltSchool Secures $3 Million Crowdfund and Gains Financial Aid from Rwanda

    Startup Futurescool To Partner With Institutions in Nigeria As It Sets To Lunch Revolutionary Online Education Program

    Startup Futurescool To Partner With Institutions in Nigeria As It Sets To Lunch Revolutionary Online Education Program

    JOBJACK Secures $2.5 Million Series A to Support Expansion in SA

    JOBJACK Secures $2.5 Million Series A to Support Expansion in SA

  • PODCAST
CRESTHUB
  • NEWS
    El-Rufia to Invest $100 Million in Northern Nigeria Venture Fund

    El-Rufia to Invest $100 Million in Northern Nigeria Venture Fund

    Chief Kefas Ropshik Unveils the Kefiano Creative Hub

    Chief Kefas Ropshik Unveils the Kefiano Creative Hub

    LemFi Suspends Operations in Ghana

    LemFi Suspends Operations in Ghana

    Fez Delivery Expands Operations to the UK

    Fez Delivery Expands Operations to the UK

    Jos DevFest 2023 Unveils Exciting Developments in the Google Developer Group Ecosystem

    Jos DevFest 2023 Unveils Exciting Developments in the Google Developer Group Ecosystem

    Nigeria Empowers Youths: Launches 3MTT to Tackle unemployment

    Nigeria Empowers Youths: Launches 3MTT to Tackle unemployment

  • FEATURED
    Based on The Metric of Naira Against The Dollar, Bosun is Right-Retnan Daser

    Based on The Metric of Naira Against the Dollar, Bosun is Right-Retnan Daser

    How Code Plateau’s Demise Will Impact Tech Talent Development in Plateau State

    How Code Plateau’s Demise Will Impact Tech Talent Development in Plateau State

    Resurgence of Innovation: The Revamp of Tech Startups in Jos, Plateau State.

    Resurgence of Innovation: The Revamp of Tech Startups in Jos, Plateau State.

    Nigeria’s Cash Swap Policy: Goals versus Results

    Nigeria’s Cash Swap Policy: Goals versus Results

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

  • BLOCKCHAIN
    Binance now accepts Naira Deposits and Withdrawals

    Binance now accepts Naira Deposits and Withdrawals

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Is Africa Ready to Operate a Digital Monetary Policy?

    Is Africa Ready to Operate a Digital Monetary Policy?

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

    PLA2SMART Set to Lead a New Frontier in Nigeria’s Tourism Economy

    Bundle Launches Web App to Give Users More Accessibility to Crypto

    Bundle Launches Web App to Give Users More Accessibility to Crypto

  • FINANCE
    CBN prohibits Foreign Banks from Offering Banking Services

    CBN prohibits Foreign Banks from Offering Banking Services

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    Flutterwave gets Switching and Processing licence from CBN

    Flutterwave gets Switching and Processing licence from CBN

    Google Expands its Digital Wallet to South Africa

    Google Expands its Digital Wallet to South Africa

    FCCPC Orders Drawdown of Online Credit Companies

    FCCPC Orders Drawdown of Online Credit Companies

  • START UPS
    Fez Delivery Expands Operations to the UK

    Fez Delivery Expands Operations to the UK

    Bolt launches Accelerator Den Program with €25,000 Investment in 20 Drivers

    Bolt launches Accelerator Den Program with €25,000 Investment in 20 Drivers

    Paystack to cut off on Operations Outside Africa and Layoff Some Staff

    Paystack to cut off on Operations Outside Africa and Layoff Some Staff

    AltSchool Secures $3 Million Crowdfund and Gains Financial Aid from Rwanda

    AltSchool Secures $3 Million Crowdfund and Gains Financial Aid from Rwanda

    Startup Futurescool To Partner With Institutions in Nigeria As It Sets To Lunch Revolutionary Online Education Program

    Startup Futurescool To Partner With Institutions in Nigeria As It Sets To Lunch Revolutionary Online Education Program

    JOBJACK Secures $2.5 Million Series A to Support Expansion in SA

    JOBJACK Secures $2.5 Million Series A to Support Expansion in SA

  • PODCAST
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The Nigeria Startup Bill Passes Third Reading at the Senate

by Mary John
July 21, 2022
in StartUps
Reading Time: 4 mins read
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The news: The Nigeria Startup Bill (NSB) passed the third reading at the Nigerian Senate floor. The Bill was approved by the Federal Executive Council (FEC) in December 2021.

The Bill will now be sent to the House of Representatives for three readings before the President’s assent.

Why it matters: 2020 saw Nigeria take the lead as the startup giant of Africa; with about 3,300 startups. In the same year, Lagos alone housed over 500 startups, placing the Nigerian city on the 81st rank globally for startup development. But this development had taken place without adequate support from the government and little to no recognition or standing in the Nigerian laws.

The NSB which was launched in May 2021 as a collective effort by the Presidency, in collaboration with the Federal Ministry of Digital Economy, executives of the National Information Technology Development Agency (NITDA), and 30 leaders in the startup industry, had proposed a legal and institutional framework that would:

  • provide an enabling environment for the establishment, development and operation of startups in Nigeria;
  • provide for the development and growth of technology-related talent; and
  • position Nigeria’s startup ecosystem, as the leading digital technology center inAfrica.

What the Bill entails:

To meet the above mentioned objectives, the NBS describes some key approaches and functions it shall utilize and they include:

  • The establishment of a National Council for digital innovation and entrepreneurship which shall—among other functions,—see to the facilitation and evaluation of the regulatory framework to encourage the development of startups in Nigeria.
  • The Startup labeling process: this part describes the eligibility requirements for the labeling of a startup, the procedure for labeling, issuance of labeling certificate to startups, obligations of these labeled startups and the reasons/conditions for the withdrawal or reissuance of the label
  • Establishment of Startup investment seed fund: this is an annual fund which shall be managed by the Nigeria Sovereign Investment Authority, under the supervision of the National Council for digital innovation and entrepreneurship. This fund shall provide labeled startups with finance and relief to technology laboratories, accelerators, incubators and hubs.
  • Provision of tax and fiscal incentives: whereby labeled startups can enjoy tax reliefs, access to export facilities, government grants, loans, credit guarantee schemes among others benefits.

What these provisions mean for startups and the Nigerian economy

“Our young people are our most valuable natural resource, at home and abroad,” said the President, Federal Republic of Nigeria, Muhammadu Buhari. “Their ingenuity, creativity, innovation and entrepreneurial spirit is evident to all. We will partner with the legislature to develop an enabling environment to turn their passions into ideas that can be supported, groomed and scaled.”

Although the bill has received mixed reactions of support and contempt from Nigerians in previous months, a few analysts are optimistic about the effect it will have on entrepreneurs and the Nigerian economy once it is fully in effect.

In a chat with Benjamindada.com, CEO, Big Cabal Media, Tomiwa Aladekomo, had suggested that, “by creating transparency in rulemaking, taxes, and fees and by encouraging the development of essential infrastructure, the bill will attempt to make Nigeria an easier place to start and grow a business.”

Meanwhile, Kaduna and Lagos state governments are the first two state governments out of the country’s 36 states to have indicated their interest in domesticating the bill, even before it was passed. This goes to show the degree of faith both governments have in the prospects of this law.

“The sub-national bill will create an enabling regulatory environment for startups, promote the development and expansion of Businesses, support Innovation, accelerate technology and allow a private-sector driven, vibrant entrepreneurial and digital ecosystem to thrive.” the Kaduna Investment Promotion Agency had said in a tweet.

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Six States in Discussion to Adopt the Nigerian Startup Bill

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Six States in Discussion to Adopt the Nigerian Startup Bill

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