Nigeria’s Startup Act: A Year On – Progress, Challenges & The Road Ahead

Exactly one year after Nigeria’s President Muhammadu Buhari signed the Startup Act into law, its impact is slowly coming into focus. While the legislation promises to transform Nigeria’s tech ecosystem by establishing clear regulations and fostering a more favorable business environment, challenges remain in translating these aspirations into tangible growth. 2024 saw a surge in startup registrations, as over 12,000 companies joined the Startup Portal under its guidelines. This indicates progress, though much of this activity hasn’t yet translated into the formation of fully functioning tech hubs that would act as the backbone of the ecosystem.