The federal government has advised state governments to implement the recently signed Nigerian Startup Act which provides every state of the federation the opportunity to build a thriving and competitive startup ecosystem.
According to the Senior Special Assistant to the President on Digital Transformation and Nigeria Startup Act, Mr Oswald Osaretin Guobadia, adopting the new law by states would positively impact the tech startup space. Still, it would also boost youth empowerment in each state.
“The youth are key players for growth in the nation, and it is important that they contribute to the impact of the Act by supporting, spreading awareness, and pushing for its adoption in their various states because the law is to draw out the potential of the digital and spur growth in the ecosystem,” stated Guobadia.
He noted that states like Lagos, Yobe, Ekiti, Anambra, Zamfara, Edo, and Kaduna states have shown interest and taken steps to embrace the Act with a view of reaping its benefits. Speaking further about the advantages of the Startup Act, the presidential aide said: “Some of its (Act) provisions include fostering the development and growth of technology-related talent and providing an enabling environment for the establishment, development and operation of startups in Nigeria.
“The Act will also bridge the gap between startups and regulators to ensure that the laws are clear and work for those in the technology ecosystem. With states’ adoption, one can expect to see a thriving tech ecosystem in the coming months and the birth of new startups and clearer regulations,”
Recall that President Muhammadu Buhari signed the Startup bill on October 19, 2022, to expand activities in the technology sector and bring about sustainable development of the ecosystem.
The Act gives governing power to the Council for Digital Innovation and Entrepreneurship, a committee comprising the President, the Governor of the Central Bank of Nigeria, representatives of the Startup Consultative Forum, the Director-General of the National Information Technology Development Agency (NITDA), and other key government and private officials. These individuals will oversee policy guidelines and the realization of the Act’s objectives, which include fostering collaboration between startups and policymakers while ensuring that Nigeria’s laws and regulations work in tandem with the tech ecosystem.