The group driving the Nigeria Startup Act, the NSA programme team, has highlighted the next steps to be taken in the implementation of the Act.
The group said in a Substack post that following the recent approval of the framework for implementation by President Muhammadu Buhari, the next step is to set up the Council for Digital Innovation and Entrepreneurship.
That is to be followed by the setting up of the startup support and engagement portal; the startup investment seed fund; and the Consultative Forum.
The group added that the implementation framework also provided the guidelines for states to adopt the Act.
Stakeholders key to successful Implementation: While noting that implementation of the Act is very crucial for the development of the startup ecosystem in Nigeria, the group stated:
- “Implementation of the Act ushers in a new era for startups. It gives startup stakeholders the opportunity to make the most of its provisions. However, for the Act to achieve its full potential, startup stakeholders will need to fully participate. They participate by familiarising themselves with the provisions of the Act, especially as it relates to their role in the tech ecosystem. Also, participating in holding the government accountable for its policies.
- “To create a legal framework for the growth and development of startups in Nigeria, successfully implementing the Act is necessary. Several laws failed to have the desired impact due, in part, to poor implementation. Avoiding similar setbacks would require collective effort and collaboration among players in the tech ecosystem.”
All hands on deck: It added that the implementation of the Act will need all hands on deck, especially as it involves more players over time.
- The signs are visible that so many stakeholders are interested in the success of the Act. That enthusiasm will be even more needed to sustain and build upon the gains.” The group stated.
The Nigeria Startup Act is a joint initiative by Nigeria’s tech ecosystem and the Presidency to harness the potential of our digital economy through co-created regulations.
