Nigeria begins implement of start-up Act

The passing of the Nigeria Start-up Act into law triggered events necessary to begin its implementation.

The National Information Technology Development Agency (NITDA) is responsible for managing the framework required for full implementation.

The framework, including the next steps, was recently approved by President Buhari.

It is upon these established implementation guidelines that state adoption builds.

Setting up the Council for Digital Innovation and Entrepreneurship; the Startup support and engagement portal; the Startup investment seed fund; and the Consultative Forum are some of the next steps expected to be finalised.

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 by familiarising themselves with the provisions of the Act, especially as it relates to their role in the tech ecosystem.

To create a legal framework for the growth and development of startups in Nigeria, successfully implementing the Act is necessary.

The implementation of the Act will need all hands on deck, especially as it involves more players over time.