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Startup Bill: NITDA to boost blockchain participation in Nigeria 



Blockchain adoption in Nigeria could skyrocket as the government has shown inclusion towards increasing participation. On the CryptoTvplus Inside Blockchain Show, Ibrahim Mohammed Jega, co-founder at Domineum Blockchain solutions Ltd talking about Blockchain Day, said NITDA has seen the importance of Blockchain and that they carved out a day to make it a National Blockchain Day. 

“The day is carved out to discuss how to scale the Blockchain ecosystem, its opportunities, and best use cases in Africa,” Jega said. The ongoing Blockchain Day, had over 4000 registered attendees, he confirmed.

The Nigerian government’s inclusion in technology and forward steps towards its adoption is a step in the right direction. Chukwuemeka Ezike, Emurgo Africa Community Lead and VP of Media and Publicity at SIBAN also featured as a guest on the Inside Blockchain Show, congratulating the minister of communication and digital transformation, NITDA, said the Nigeria startup bill is a step in the right direction. 

The Bill is not perfect, he said, but the focus is on the interest of the government in helping startups, knowing that tech is the new oil and revenue generation; hence, the need to have a platform where startups can grow and thrive. “A lot of our startups have migrated to register offshore because they find a more friendly launchpad across the border,” Chukwuemeka said.

The first draft of the Nigeria Startup Bill was introduced in July 2021 and has been through different stages of debates and reviews. In October 2022, the President of Nigeria, Mohammed Buhari, signed the bill into law. The Bill aims to provide an environment for establishing, developing, and operating startups in Nigeria. 

Chukwuemeka Ezike added, “looking at the scale at which startups grow, it is impressive to know that Aso Rock now sees it is important to boost the startup ecosystem by creating this kind of startup bill. It is a welcome idea, congratulations to NITDA.”

Who drives the technology startup ecosystem in Nigeria? 

Young and vibrant individuals dominate the Nigeria technology startup ecosystem, agreeing to this, the project manager for the Nigeria startup bill, Victor Famubode, who also featured on Inside Blockchain Show, said that the technology startup ecosystem is heavily driven by the youth. He added that “it is very necessary for us to have a clear and certain regulation that helps to create a better environment for startups to grow and scale.”

The Bill was designed to help startups harness opportunities and benefits, and identifies the pipeline of how to ensure that the standards for startups to grow are improved, he said. Also, the Bill contains a startup portal to ensure that there is a lot of exchange between the government and private sector, especially those within the startup ecosystem.

The investors are not left out, and according to Victor, the startup bill features will extend to investors “because we know that for us to be able to thrive as a nation, we need to be able to also attract and protect investment whether it is local or foreign.”

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