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ARTICLE · 06 JANUARY 2023

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An Overview Of The Startup Act, 2022

Dentons ACAS-Law
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On the 19th of October 2022, President Muhammadu Buhari signed the Startup Act (the Act). The Act is a significant legislation for the Nigerian technology and innovation ecosystem...

NigeriaFinance and Banking
Omolola Coker
Omolola Coker
Sanford U. Mba
Sanford U. Mba
Dara (Subuola Oludara) Lanlehin
Dara (Subuola Oludara) Lanlehin
Chiedozie Kelechi Ogbu
Chiedozie Kelechi Ogbu
Ndifreke Asuquo
Ndifreke Asuquo

Introduction

On the 19th of October 2022, President Muhammadu Buhari signed the Startup Act (the Act). The Act is a significant legislation for the Nigerian technology and innovation ecosystem as Nigeria has increasingly become a prime destination for startup funding in Africa despite inadequate regulatory framework. In 2021, out of the $4billion startup funding in Africa, Nigeria attracted the largest portion of $1.37 billion1 . Also, in 2021 several start-ups were each valued at $1billion (specifically Flutterwave (founded in 2016), Opay (founded in 2018) and Andela (founded in 2014)) with the space receiving over $1.3 billion in investment. The passing of the Act was therefore necessary to pave way for a legal and regulatory framework that offers clarity to the operations of startups in Nigeria.

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