Wale Igbintade
Lagos State Government has commenced the domestication of the Nigerian Startup Act (NSA2022) with the establishment of Knowledge, Innovation, Technology, and Entrepreneurship (KITE) Project which will equitably localise the Act.
The KITE project is expected to significantly contribute to Nigeria’s economic development and position Lagos State as the hub for innovation in Nigeria.
The workshop held at Eko Innovation Centre, brought together startup founders, technology experts, innovators, and enthusiasts to join the state government in domesticating the policies in the Nigerian Startup Act.
The Act defines Nigerian startups, their scope, operations, incentives, and limits to attract foreign investment and open up the Nigerian tech industry.
A startup, according to the Act, is “a firm that has been in operation for no more than ten (10) years and whose aims include the invention, innovation, production, development, or adoption of a new digital technology creative product, service, or method.”
Specifically, the Act aims to provide a legal and institutional framework for Nigerian startups, as well as an enabling environment for their establishment, development, and operation.
Speaking, Special Adviser to the Governor of Lagos State on Innovation and Technology, Mr. Tunbosun Alake, said the NSA2022 regulations will assist startups in registering quicker, and obtaining permits faster, thereby boosting the ease of doing business.
“To drive the ecosystem and boost innovation, each state throughout the federation needs to adopt distinct legislation that will help foster and deepen startup activity.
“Lagos’ startup policy structure has been in development for some time before the Act. The regulations will assist startups in registering quicker, obtaining permits faster, and easing business for commercial organisations classified as startups.
“It is critical for entrepreneurs in the ecosystem to participate in the workshop review to have an impact on the state legislation being drafted. The Kite project is like Silicon Valley in that it will be a state-wide initiative that will create ICT clusters, which will promote innovation throughout the state and benefit the nation’s economy,” Alake said.
The anchor, Mr. Wale Adelaja, said the workshop was organised to allow private sector and government agencies to review the policies established in the KITE project.
“For an ICT business, cluster, or ecosystem to be sustainable, policies to support its longevity are required,” he said.
Head of Lagos State House of Assembly Committee on Science and Technology, Hon. Olanrewaju Suleiman Afinni, at the event, urged the private sector stakeholders to look over the law and make it as complete as possible so that it doesn’t need to be changed often.
