Lagos to domesticate Nigeria Startup bill

The Lagos State Government has said it would adopt the Nigeria ‘Startup Bill’, in the bid to fast-track the growth of the startups in the country.

Tunbosun Alake, who is Special Adviser on Innovation & Technology to Lagos Governor Babajide Sanwoolu, said this at an event, the Co-Create 2022 tech expo.

For its part, the state government said it is already addressing funding challenges facing startups in the state, by providing seed funding to them.

This government said it has provided about 60 startups with cash ranging from $9000 to $12,000, through the Lagos State Science, Research and Innovation Council (LASRIC).

“We are doing this because we realized that many startups need that initial seed funding to give them that initial runway.

“Some venture capitals may not be willing to fund their ideas at that stage, but the government being an enabler, is able to look at your idea and give you that initial funding for you to prepare your business for a major funder to come in,” Alake stated.

The Nigeria Startup Bill project “is a joint initiative by Nigeria’s tech startup ecosystem and the Presidency to harness the potential of our digital economy through co-created regulations.

“The Bill will ensure that Nigeria’s laws and regulations are clear, planned and work for the tech ecosystem,” said a statement on its website.