The Lagos State government has started the process of domesticating Nigerian Startup Act (NSA2022) assented to by President Muhammadu Buhari with a view to further positioning the state as the technology capital of the country.

The NSA2022 defined Nigerian startups, their scope, operations, incentives, and limits to attract foreign investment and open up the tech industry.

A startup, according to the Act, is “a firm that has been in operation for no more than 10 years and whose aims include the invention, innovation, production, development, or adoption of a new digital technology creative product, service, or method.”

Interpretatively, 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.

The state government organized a policy review workshop in an effort to implement the Act’s policies for the state’s growth.

The workshop, which was held at Eko Innovation Centre, brought together startup founders, tech experts, innovators, and enthusiasts to join the state in domesticating the policies in the Nigerian Startup Act. The event led to the establishment of Knowledge, Innovation, Technology, and Entrepreneurship (KITE) Project which will equitably localise the Act.