Excitement palpates across the Nigerian startup ecosystem on the 20th of July 2022, as the NSB passes its third reading at the Senate.

This is a monumental moment for everyone in the startup ecosystem, as all stakeholders have fervently anticipated the bill.

NSB passes third reading at the Senate

The NSB, which took a “Big tent” approach when being drafted, ensuring input from all stakeholders (both public and private), was created to provide a clear regulatory framework for all startups in the Nigerian tech industry. In addition to that, the NSB makes provisions to promote local content and provide the proper infrastructure needed for the growth of startups, all in an effort to position Nigeria as a leader in the technology space.

Since its inception, the bill has been received with open arms and has seen wide collaboration from all ministries, departments and agencies involved, as well as from both chambers of the National House of Assembly.

Mr Oswald Osaretin Guobadia, the Senior Special Assistant to the President on Digital Transformation, had the following to say about the latest development: “The legislature is excited about this bill as they understand that ultimately the tech ecosystem is critical in the future of our great nation. We look to conclude in the National assembly soon.”

On the question of what would be next for the bill after it passed into law, he added, “Implementation and state adoption of this bill will require that we continue to engage and collaborate on execution. Its success is dependent on the participation of all stakeholders of the ecosystem which includes lawmakers, policy makers and practitioners.”

The Bill is currently pending the House of Representatives, after which it will be sent to the Presidency to be signed into law.

In the meantime, members of the NSB will focus on; state adoption of the bill to ensure that all states and their stakeholders such as state house of assemblies, executive governments and ecosystem members are engaged in adopting a startup bill geared at providing all the benefits of the NSB at a subnational level

Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.