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The National Assembly, on Monday, transmitted the Start-up Bill to the President, Major General Muhammadu Buhari (retd.), for assent.
“The Start-up Bill, 2021 will provide for the creation and development of an enabling environment for technology-enabled start-ups in Nigeria,” a statement signed by the President’s Senior Special Assistant on national assembly matters, Senator Babajide Omoworare, said on Monday.
The statement titled ‘NASS transmits start-up bill to the President for assent,’ said the piece of legislation, which had passed through all the required legislative processes, would “position Nigeria’s ecosystem as the leading technology centre in Africa, having excellent innovators with cutting-edge skills and exportable capacity.”
The bill was forwarded to the National Assembly in accordance with Sections 58(2) of the 1999 Constitution for consideration by the President in a letter dated February 21, 2022.
The PUNCH reported that at its weekly meeting on December 15, 2021, the Federal Executive Council had approved the Nigeria Startup Bill to be signed into law.
Addressing State House Correspondents after the meeting, Minister of Communication and Digital Economy, Dr. Isa Pantami, said the 11-chapter bill replaces the National Investment and Startup Policy.
Pantami noted that his ministry would work closely with the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, to liaise with the National Assembly to convert the bill into law.
The minister said the new bill contained provisions that allowed easy access to grants, including a Startup Investment Safe Fund for young innovators who would be able to apply for government sponsorship of their ideas.
He also disclosed that there would be national hubs across the country where innovators could incubate their ideas with full intellectual property rights that protects them.
The piece of legislation will also establish the National Council for Digital Innovation and Entrepreneurship which will be responsible for collaborating with various regulatory bodies to ensure the provision of support services and incentives to the start-ups.
The NCDIE will be chaired by Buhari to be assisted by Vice President Yemi Osinbajo and other members of relevant departments and agencies as well as the organised private sector.
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