Nigeria’s capacity to create jobs and record success with its Startup Act depends on the country’s ability to effectively implement the law in collaboration with stakeholders, experts in the entrepreneurship ecosystem have said.
The experts spoke at an event organized by the Lagos Chamber of Commerce and Industry (LCCI) in partnership with the Pro-poor Growth, and Promotion of Employment (SEDIN) – a programme of the German Development Agency (GIZ) to educate small businesses on the Nigeria Startup Act said poor implementation of most policies in the country have always led to their failure.
According to them, Nigeria has always had good policy documents, but ineffective implementation has often led to its failures.
“We are excited about the Nigeria Startup Act (NSA). We feel like we own it and this is because of the engagements of the entire ecosystem in putting the act together from inception,” said Charles Emembolu, co-founder and director at Roar Nigeria Hub.
“The implementation of the NSA must speak to its purpose. The act will help mitigate the gaps that startups face if the implementation is done right,” Emembolu said.
He noted that the country has had wonderful policy documents in the past, but implementation is where there is usually a failure, noting that the success of the NSA depends on the effective implementation by the government and all stakeholders.
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He urged the government to also provide clarity on how startups can easily access the funds provided by the act. “The incentives in the act are adequate but there is a need to define better how to access the funds provided by the act and it has to be done collectively.”
Speaking on the NSA, he noted the act provides the platform that encourages local capital to participate in startup investment.
According to him, the NSA will position the startup ecosystem as the leading digital technology centre in Africa, supporting innovative entrepreneurship and enabling entrepreneurs with cutting-edge skills and exportable capacity.
Speaking also, Chinazo Okoye, state coordinator & policy advisor, GIZ-SEDIN, said it is important that MSMEs and early-stage startups have a clear understanding of the Nigeria Startup Act, noting that with it they would be able to leverage opportunities facilitated by the law to kick-start their businesses and scale while creating employment.
According to her, it is pertinent that small business operators understand what the provisions of the law seek to achieve especially in facilitating an improved business environment.
Ayodele Kusamotu, chairman of Kusamotu &Kusamotu said the act is a legal instrument aimed at fostering the development of startups taking into account their specific needs.
Kusamotu stated that the country is the third on the continent to launch an act specifically for startups, noting that if well implemented it can significantly create jobs for Nigerians.
He commended the government for the act while calling for collaborative efforts on effective implementation.
Michael Olawale Cole, president of LCCI, in his opening remarks the theme Insights into the Nigeria Startup Act is noteworthy considering the importance of the law that supports entrepreneurship, sound regulation, and an efficient tax system for a digital economy.
“The act also provides support for innovation management in the tech startup ecosystem in Nigeria, noting that the ICT sector is one of the fastest growing sectors in the economy,” said Cole who was represented by Gabriel Idahosa, deputy president at LCCI.
