The Nigeria Startup Bill (NSB) has passed the third reading at the House of Representatives today. Having passed the third reading at the green chamber, the bill now awaits the President’s assent.
Why it matters
“A Bill for an Act to Establish National Council for Digital Innovation and Entrepreneurship, Provide for the Creation and Development of an enabling Environment for Technology-Enabled Startups in Nigeria; and for Related Matters (HB.1886)”, the House tweeted.
Due to Nigeria’s bicameral legislative system which is made up of the senate and house of representatives, the passing of the bill by the latter shows that it has passed through the forms of research, recommendations for review and has been resolved by the federal government and other institutions/unions.
“Implementation and state adoption of this bill will require that we continue to engage and collaborate on execution. Its success is dependent on the participation of all stakeholders of the ecosystem which includes lawmakers, policymakers and practitioners”, Oswald Osaretin Guobadia, the Senior Special Assistant to the President on Digital Transformation said.
The NSB 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 with a proposed legal and institutional framework that would provide an enabling environment for the establishment, development and operations 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 in Africa.
Furthermore, the provisions of the bill according to Nigeria’s green chamber include:
• The establishment of the National Council for digital innovation and entrepreneurship. This would see an overseeing council that’d precede digital innovation and entrepreneurship in the country.
• Provision for the creation and development of an enabling environment for technology-enabled startups in Nigeria. This environment would also accommodate matters of concern for technology-enabled startups.
The bill was approved by the Federal Executive Council (FEC) in December 2021.
Upon the passage of the Nigerian Startup Bill for third reading by the Nigerian Senate, six states – Lagos, Yobe, Kaduna, Ekiti, Edo and Anambra are currently in discussion to adopt the bill.
With the house of representatives passing the bill for third reading, many more states are expected to join in the queue to domesticate it.