Introduction to the Nigeria Startup Act
Key Points:
Transformative initiative co-created by Nigeria’s tech ecosystem.
Signed into laDeveloped with input from over 30 tech leaders.
w on October 19, 2022.
Goals:
- Unlock the potential of the Digital Economy.
- Create an enabling Environment for startups.
- provide clear regulations and attract investment.
Why State-Level Domestication Matters:
- Enables localized adaptation of the Act.
- Aligns national policies with the unique needs of states.
- Drives direct benefits for startups at the state level.
- Encourages inclusivity and equity across diverse ecosystems.
Current Challenges in Domestication
- Limited Progress: Only about four states have domesticated the Act..
- Startup Challenges: Outdated or inconsistent regulations. Double taxation. Inadequate infrastructure. Limited access to funding.
- Siloed Efforts: Lack of collaboration among nonprofits, public sector, and tech organizations..
- Insufficient Awareness: Many stakeholders unaware of the Act’s potential.
Risks of Fragmented Efforts
- Missed opportunities for synergy..
- Non-inclusive and ineffective policies..
- Failure to address unique state-specific challenges..
- Stunted growth of the local startup ecosystem.
Opportunity for Collaboration
This conference;
- Bridges the gaps between stakeholders..
- Fosters partnerships among: Government representatives. Tech organizations. Civil society. Private sector..
- Ensures inclusivity, alignment, and shared ownership of the Act.
Vision for the Future
Unified Strategy for Domestication:
- Reflects the unique needs of startups.
- Drives:
- Economic growth.
- Innovation.
- Job creation.
- Positions states as hubs for entrepreneurship and digital transformation.
Together We Can
- Create impactful partnerships.
- Advocate for effective domestication in our states.
- Build vibrant and inclusive startup ecosystems.