On Wednesday, July 20, 2022, the Nigerian Startup Bill was approved by the Senate for passage. This transpired after the Committee on Information and Communications Technology and Cybersecurity deliberated on a report.
According to Senator Oseni Yakubu, who serves as the Committee Chairman, the measure aims to provide provisions for the establishment of a National Council for Digital Innovation and Entrepreneurship. It is expected that the council will build and promote an environment that is conducive to the launch of technology-enabled businesses in Nigeria.
After a year's worth of town halls and deliberations, the Startup Bill was finally approved by President Muhammadu Buhari and is now on its way to the National Assembly. This has been a long and winding road for the bill.
The law was initially presented to the National Assembly back in March 2022, which is around five months ago.
The law was approved by the Nigerian Senate; however, it still needs to be reviewed and approved by the House of Representatives. At this point, there must be complete agreement between the two chambers regarding all parts of the measure.
After that, the bill will make its way to the President so that he can provide his approval before it can be enacted into law.
The passage of the bill, which has been hailed as a potential cure-all for the country's IT sector, could herald the beginning of important new developments.