Legal Trend

President Muhammadu Buhari recently assented to the Nigeria Startup Bill (now Act) 2022. The Act seeks to tackle three main challenges for Nigerian start-ups: lack of an enabling environment, unclear regulatory framework, and inadequate local content support. The Act seeks to provide a legal and institutional framework for the development of startups in Nigeria, provide an enabling environment for the establishment, development, and operation of startups in Nigeria; provide for the development and growth of technology-related talent; and position Nigeria's startup ecosystem, as the leading digital technology center in Africa, having excellent innovators with cutting edge skills and exportable capacity. This post, therefore, intends to make a brief overview of the Act.    INNOVATIONS OF THE NEW ACT  In order not to bore you with an in-depth analysis I will head straight to innovations of the new Act and what tech startups can expect from the Act. To qualify for any i...