On 19th of October, 2022, the President of Nigeria, signed the Nigeria Startup Bill into law after the Nigerian Senate accepted it on July 20, 2022. During the Inside Blockchain interview, anchored by Faith Ekuerhare, Chukwuemeka Ezike, Community Lead at Emurgo, explained that while startups can blossom in Nigeria, the regulations around crypto activities have not been friendly in sustaining ideas built by Nigerians.
However, the signing into law of the Nigeria Startup Bill shows that the government wants to support start-ups in Nigeria and the crypto space, Chukwemeka added. We know that it’ll help to attract investors into the tech space.
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Victor Famubode, Project Manager of the Nigeria Startup Bill, said that it’s expedient that policy catches up with the innovation seen in the Nigerian start-up space, especially crypto. Although there were few changes made in the bill relative to the crypto space, the bill will help boost investors’ confidence in Nigerian startups because of government backing.
We need implementation, not just formulation
On the effect of the bill on firms in the Crypto space, Mr. Ezike said that despite research showing that Africa is a significant market for crypto adoption, African governments had not given their full support. The bill, which is not specific to the crypto space, has some gaps that need to be worked on over time.
The Project Manager of the Startup Bill explained that for the bill to be fully implemented, both start-ups that are recognized and not recognized, the private sector as well as the participation of the state governments are important to achieve the goal of the bill. We are aware that most start-ups within the country are located in the states, and so awareness and education related to the bill are important for its effectiveness, he added.
Mr. Ezike highlighted that while having a bill is important, implementation of the bill by passionate and responsive stakeholders is more important.
Read also;
Nigeria Startup Bill Website Goes Live
Despite the CBN’s Prohibition on Crypto, the NITDA Charges Startups to Disrupt the Status Quo.
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