The government of Lagos State has said that the Nigeria Startup Bill will be enacted into law so that the startup ecosystem in Nigeria can flourish more quickly. This was revealed by Tunbosun Alake, Governor Babajide Sanwoolu’s Special Advisor on Innovation and Technology, who added that domesticating the law at the state level will assist the country to adopt it.
Alake said that Lagos State is already taking care of funding problems for startups in the state by giving them seed capital to help their ideas get off the ground. According to him, the Lagos State Science, Research and Innovation Council (LASRIC) have given roughly 60 businesses between $9000 and $12,000.
Lagos, dubbed “Africa’s startup hub,” is home to numerous budding startups as well as all Nigerian unicorns. According to StartupBlink, the Startup Ecosystem in Lagos is ranked number 81 globally and has increased by 41 positions since 2021. Techstars’ General Manager, Nancy Wolff, recently said, “Lagos has built a successful startup ecosystem that merits more global exposure, investments, and resources, and has extraordinary potential.”
In December of last year, the Federal Executive Council passed a bill that is currently pending review by the National Assembly. It is the goal of NSB to establish an atmosphere that encourages the growth of Nigerian entrepreneurs. The bill seeks to address regulatory uncertainty, the absence of a business-friendly climate, and the dearth of local content as its three key obstacles.
Additionally, NBS will provide protection and incentives, like as tax rebates, access to an exclusive list of private and public-led investment options, and conditions that will draw both local and foreign investors to the Nigerian startup community, for indigenous creators.
The Nigeria Startup Bill was the subject of a rally that took place in April at the facility housing the National Assembly in Abuja, Nigeria. The rally was organized by a coalition of various young organizations in Nigeria. “the bill is too important… for the National Assembly to delay its passage. So far, several members of the National Assembly have been supportive of the bill but we are here to put pressure on them to make sure the bill is passed as soon as possible,” Tracy Okoro, the group’s leader, told reporters.
Members of the group also met with Senator Yakubu Oseni, Chairman of the Senate Committee on ICT and Cybercrime, to urge him to rally his colleagues in support of quick adoption of the bill, which has been delayed in the House of Representatives since its second reading was scaled back.
