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ARTICLE · 13 DECEMBER 2021

The Nigerian Startup Bill

Pavestones
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The recently introduced Nigerian Startup Bill ("Bill") is one development that is expected to improve the business environment for Startups in Nigeria when passed into law.

NigeriaCorporate/Commercial Law
Seun Timi-Koleolu
Seun Timi-Koleolu
Feyijuwa Akinyanmi
Feyijuwa Akinyanmi

Introduction

The recently introduced Nigerian Startup Bill ("Bill") is one development that is expected to improve the business environment for Startups in Nigeria when passed into law. It is aimed at creating a favourable environment for Startups by: providing incentives; removing regulatory constraints; and developing an ecosystem for Startups to thrive. We have outlined below some of the salient provisions proposed by the Bill.

How  are Startups defined  in the Bil l?

The Bill defines Startups as innovative companies that fall into the categories listed in the table below.

Areas Criteria
Nationality of the company The company should be incorporated in Nigeria and have been in existence for not more than 10 years. The headquarters of the company should also be in Nigeria.

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