The Nigerian Start-up Act is a product of the joint effort between the government & the tech community to create a tech start-up ecosystem for proper utilization of our digital economy & technology-related talents.
The Act is timely & necessary as it works to improve our tech community vis-a-vis the situation in other jurisdictions. The legal and institutional framework for the development of our digital technology has created an enabling environment for tech start-ups to thrive in Nigeria. This is evident with the introduction of a one-stop model for communication, support, registrations etc through the setting up of a Start-up Support & Engagement Portal, tax and fiscal incentives, funding via the start-up and seed fund, trainings and the opprtunity to set-up a technology development zone, amongst others. This will require companies to be in existence for no more than 10 years, with it's objectives being the creation, innovation, production, development or adoption of a unique digital technology innovative product, service or process.
The Act also introduces accelerator and incubator programmes designed to provide start-ups with mentorship & educational assistance to aid its growth, as well as provide suppport in the establishment and development of a start-up, promote innovation and related activities through the offer of dedicated physical spaces and services.
The platform created through the Act will indeed improve digital technology and related activities to such levels that they may become international players and compete on a global scale. Where the government ensures that the Act is properly complied with, and the respective bodies and offices set-up by the Act perform their functions effectively, the objective of the Act becomes not only achievable but sustainable.