On Wednesday, July 20, 2022, the Senate passed the Nigerian Startup Bill. This occurred after the consideration of a report by the Committee on ICT and Cyber Security.
According to the Chairman of the Committee, Senator Oseni Yakubu the bill seeks to provide for the establishment of the National Council for Digital Innovation and Entrepreneurship. Supposedly, the council would create and develop an enabling environment for technology-enabled start-ups in Nigeria.
The Startup Bill has had a long journey, from a year's worth of town halls and deliberations to get President Muhammadu Buhari's approval to be sent to the National Assembly.
The bill first arrived at the National Assembly five months ago in March 2022.
While the Nigerian Senate has passed the bill, it still has to go through the House of Representatives. At this stage, both chambers must concur with all aspects of the bill.
The bill will then go on to the President for his assent before it becomes law.
The bill has been touted as a possible panacea for the country's tech ecosystem and its passage could signal some breakthroughs.