A CRITICAL ASSESSMENT OF THE NIGERIAN STARTUP ACT

Abstract

Technology has revolutionized the global economy, leading to rapid innovation and disruption in the creation, distribution, and consumption of goods and services. Startups have been at the heart of this technological revolution, which has led to efforts by different countries to promote the growth of startups. The Nigerian Startup Act (NSA) is seen as a crucial tool for promoting innovation and supporting developing high-growth technology-based businesses in Nigeria. The Act establishes the legal and institutional frameworks for the technology startup ecosystem and provides a mechanism to attract and safeguard investment in the startup sector. Many believe that its implementation will significantly boost Nigeria's technological potential. This analysis examines the provisions of the Act, highlighting key areas that offer hope for the growth of the Nigerian startup industry, addressing the exaggerated expectations surrounding the Act, and outlining the necessary steps to achieve its objectives. The conclusion emphasizes that while the new legislation shows promise, it is unrealistic to expect the NSA alone to drive the growth of Nigeria's startup economy.