Nigeria, has progressed a step closer to rolling out its premiere Nigeria Startup Bill (NSB). The bill is set to further deepen the country’s tech ecosystem and enable a sector on the threshold of exponential growth.

The Nigerian government and stakeholders in Nigeria's tech space worked on the bill which has now been approved by the Federal Executive Council and is on the way to the House of Assembly by President Muhammadu Buhari.

According to reports,The FEC approved the bill on Wednesday, 15 December 2021. The Bill will also provide regulatory support as the West African country continues to attract hundreds of millions of dollars of local and international investment.

The Bill will also create a progressive environment for Nigerian startups to thrive as the legislation addresses challenges such as disruptive regulation, weak infrastructure and difficulties accessing capital, particularly for non-fintech businesses.

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The Bill is said to have come about via a Big Tent Approach – a close collaboration between The Presidency, the Federal Ministry of Communications and Digital Economy, the Nigerian Export and Promotion Council and wider government bodies with almost 300 volunteers and private sector players participating, legal firms, media platforms, Google Nigeria and the UK-Government, through the West Africa Research and Innovation Hub and the UK-Nigeria Tech Hub, are also backing the bill.

Speaking about the Big Tent Approach, Adaeze Sokan, Country Director at the UK-Nigeria Tech Hub disclosed: “the inclusive and collaborative process is laudable and can serve as a framework for policy formulation in the country.”

The NSB aims to provide a platform where startups can continuously engage regulators. Its key objectives include regulatory certainty, local content and providing an enabling business environment.