‘Startup Bill is an Incentive Framework to Drive Private Investments’

The AfriLabs Executive Director, Anna Ekeledo, has stated that Nigeria Startup Bill (NSB) which was recently signed into law by President Muhammadu Buhari, is an incentive framework to spur private sector investments, reduce regulatory burden, and promote entrepreneurship, while noting that more needs to be done to address the numerous challenges that innovators and entrepreneurs on the continent face.

Ekeledo, who disclosed this AfriLabs Annual Gathering 2022 and Media Briefing, said an ambitious and comprehensive effort across multiple policy areas is especially required to ensure that innovation in Africa yields tangible results.

She stated that AfriLabs’ 10 policy pathways therefore summarises the priorities for entrepreneurs, startups, innovators, and hubs across Africa, which require urgent attention by policymakers, donors, investors and innovation partners.

Ekeledo further explained that in 2021, African technology startups grew faster than any other region, with investments more than tripling in one year, reaching $5.2 billion, “as we now enter a period of rapid take-off, increased activity in the policy and funding aspects must be stepped up for a sustained impact of innovation in the economic performance of the continent.”

According to her, “Africa’s myriad problems can be solved through the proper use of technology, innovation and entrepreneurship. Fortunately, the African innovation ecosystem has enjoyed growth in diverse aspects in the last decade. There has been a proliferation of startups, incubation and acceleration programs among others. “This is why we do what we do at AfriLabs. We believe in setting the bar higher, stronger and better for African institutions, for our community and for ourselves as individuals on what’s possible and on how to achieve our mission, no matter the obstacles!”

In his remarks, the Chief Executive Officer, Zixtech HUB, Paul Mbua, said AfriLabs has tremendously impacted their hub, staff, and sustainability through AfriLabs hubs learning week during which they learnt and improved their skills, noting that their staff can have access to contextualized courses on the AfriLabs Academy.