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ARTICLE · 24 OCTOBER 2022

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The Nigeria Startup Act: What It Is And Why It Matters

AELEX
AELEX
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The Nigerian technology and innovation space in general, and its startup ecosystem in particular, has been gaining momentum and recording impressive growth in recent times.

NigeriaTechnology
Davidson Oturu
Davidson Oturu
Agboola Dosunmu
Agboola Dosunmu
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INTRODUCTION

The Nigerian technology and innovation space in general, and its startup ecosystem in particular, has been gaining momentum and recording impressive growth in recent times.

For instance, Nigerian startups retained USD1.37 billion of Africa's USD 4 billion funding in 20211 and reports show that Nigeria has the highest volume of startups in Africa.2 Unfortunately, Nigerian startups have a high failure rate with a whopping 61% startup failure rate recorded from 2010-2018;3 these failures have been attributed to various factors including aggressive government policies, regulatory bottlenecks, over-saturation of startups in select locations, talent dearth, high cost of doing business, funding challenges, etc.

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