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ARTICLE · 25 APRIL 2023

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The Nigeria Startup Act, 2022: 15 Things To Note

SPA Ajibade & Co
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In the last decade, the Nigerian Startup ecosystem have dominated the African Startup sector, outranking other African Nations in terms of both the estimated number of

NigeriaFinance and Banking
Abiodun Ogunnubi
Abiodun Ogunnubi
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In the last decade, the Nigerian Startup ecosystem have dominated the African Startup sector, outranking other African Nations in terms of both the estimated number of startups1 and available startup funding.2 Nigerian startups like other businesses in Nigeria is faced with several challenges, such as, high cost of doing business, regulatory bottlenecks, stifling government policies, poor physical and digital infrastructure, etc.3 The Nigeria Startup Act 2022, signed into Law by the President on 19th October 2022 is aimed at addressing some of these challenges.

The Act is the joint initiative of both the Nigerian tech startup ecosystem and the Presidency to harness the potential of our digital economy through co-created regulations.4 The objective of the Act is to provide for the creation and development of an enabling environment for technology-enabled startups in Nigeria5 and to position Nigeria's startup ecosystem as the leading digital technology centre in

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