The Startup Act series: An overview of The Startup Act, 2022 – JD Supra

Introduction –

On the 19th of October 2022, President Muhammadu Buhari signed the Startup Act (the Act). The Act is a significant legislation for the Nigerian technology and innovation ecosystem as Nigeria has increasingly become a prime destination for startup funding in Africa despite inadequate regulatory framework. In 2021, out of the $4billion startup funding in Africa, Nigeria attracted the largest portion of $1.37 billion1 . Also, in 2021 several start-ups were each valued at $1billion (specifically Flutterwave (founded in 2016), Opay (founded in 2018) and Andela (founded in 2014)) with the space receiving over $1.3 billion in investment. The passing of the Act was therefore necessary to pave way for a legal and regulatory framework that offers clarity to the operations of startups in Nigeria.

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