19.07.2021 news Coming in September: Bill To Protect Nigerian Tech Start-Ups

Published 19th Jul, 2021

By Damilola Adeyera

A bill seeking to ensure that Nigeria’s law and regulations are “friendly, clear, planned and work for the tech ecosystem” is set to launch in September. 

Making the announcement on Twitter on Monday evening, Kola Aina, Founder of Ventures Platform, described the launch of the bill as a milestone journey, saying: “It’s a super important one and we’re excited! Visit http://startupbill.ng to know what the Bill is about and why you should care.”

Unlike the NBC’s website which has been inactive for about three days and counting, the website for Start Up Bill is up and running. “We will work together to create laws that support the growth of the tech startup ecosystem,” are the words users see when they visit the website.

In a post on the website explaining the thinking behind the bill, it was disclosed that some key players in Nigeria’s tech ecosystem in May met “with some representatives of the Nigerian Presidency to discuss one thing — the creation of Nigeria’s first startup Bill”.

This meeting led to the creation Nigeria Startup Bill project, a joint initiative by Nigeria’s tech ecosystem and the Presidency to “harness the potential of our digital economy through co-created regulations”.

Produce First Draft

June 2021

Harmonise Existing Laws/regulation and Feed inputs to legal framework from key ecosystem leaders (MDAs, States, Networks).
Validate First DraftJuly 2021
Ecosystem Leaders and representatives review the first draft as well as the Presidential Working Group composed of MDA decision makers critical to implementing components of the bill.
Town Halls
August 2021
Presidential Announcement and Town Hall meetings take place for public consultation and validation of the second draft of the bill with ecosystem stakeholders at state level in all geopolitical zones. .
Final Draft Produced
September 2021
Drafting teams take all the inputs and make revisions to feed into the final bill.
Bill Submitted
October 2021
Bill is submitted to the President who then submits Executive Bill to the National Assembly.
Timeline of events for Start Up Bill.

“The Nigeria Startup Bill project is a joint initiative by Nigeria’s tech ecosystem and the Presidency to harness the potential of our digital economy through co-created regulations,” read a statement on the official website.

“However, past occurrences have negated rather than supported this. Regulatory events that ended bike-hailing and suspended cryptocurrency transactions through banks have been setbacks to innovation.

“These events have not only raised eyebrows but questions as well, questions like ‘Can startups really flourish in Nigeria?’ and ‘Why is it becoming harder for techpreneurs to build?’ Therefore, we’re working to change this narrative with the cooperation of the government.”

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Published 19th Jul, 2021

By Damilola Adeyera


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