2023 was an exceptional year for Nigeria’s tech community. In spite of the decrease in endeavor financing, layoffs, and shutdown of some start-ups, the environment scored some significant wins from the policy side. We saw the intro of policies focused on supporting start-ups and development. The visit of a member of the tech community into the federal cabinet likewise produced a brand-new level of recognition. This leaves a path of both chances and unexpected obstacles for next year.
In MarchNigeria ended up being the very first nation in Africa to embrace open banking guidelines that enable banks to share client information with third-party provider– fintechs and mobile cash operators. This relocation guaranteed increased information sharing and development, empowering customers with control over their information. The preliminary enjoyment was moistened by a proposed strategy by Nigeria’s Central Bank to centralise open banking operations through the National Inter-Bank Settlement System (NIBSS). The pinnacle bank would later on rescind the choice following pushback from market stakeholders
In MarchOsun state made headings after cancelling right of way costsenabling telecom business and web companies to lay fiber optic cable televisions free of charge. The relocation was targeted at bring in start-ups to start a business in the state. Osun likewise revealed strategies to domesticate the Nigerian Startup Act. The Nigerian federal government likewise released a $618 million fund under the Investment in Digital and Creative Enterprises (iDICE) effort to promote development and entrepreneurship in the digital, innovation, and innovative markets.
May featured a twist as Nigeria’s Central Bank withdrawed the operating licences of more than a hundred banks throughout the nation for non-compliance. Among the impacted banks is the Softcom-owned digital bank Eyowo. Another impressive occasion in May was the last-minute effort by previous Nigeria’s minister of interactions and digital economy, Isa Ali Pantami, to change the currently passed Nigeria Startup Act, simply days before ex-president Muhammadu Buhari’s period ended. a questionable costs that looks for to ascribe brand-new powers to the National Information Technology Development Agency (NITDA), Nigeria’s governing body for details and innovation, passed a public hearing at the Senate, in spite of pushback from stakeholders.
In JunePresident Bola Tinubu signed the Nigeria Data Protection Bill 2023 into law. The brand-new law offers a legal structure for securing and controling individual info in the nation. In another advancement, following the marriage of the currency exchange rate, the reserve bank revealed brand-new guidelines that permit recipients of diaspora remittances to get payments in nairaThe relocation birthed brand-new chances for fintechs and standard banks. On the flip side, the brand-new FX program impacted how Nigerian start-ups report profits to their foreign financiers.
In August Bosun Tijanico-founder of CCHub– adjudged to be among the most prominent tech incubators on the continent– was called Nigeria’s minister of interactions, development, and digital economy. His visit brought a new age of optimism for Nigeria’s growing tech community which now has a seat at the table. In Octoberthe minister officially revealed his strategies to train 3 million technical skills in 4 years. In the exact same month, OPay, Meta, and DHL were examined by Nigeria’s Data Protection Commission (NDPC), for declared information personal privacy offenses– declares that the business rejected.
In Novemberthe minister flagged off the pilot stage of the enthusiastic strategy to train 3 million technical skills. An overall of 30,000 will be trained in 3 months. The very same month, the Nigerian federal government introduced its Start-up Support and Engagement Portal thirteen months after its Startup Act was signed into lawThe website will assist in the labelling of Nigerian Startups and the registration of investor, angel financiers, accelerators, incubators, and development centers. Other advantages consist of tax rewards, access to funds, and fund management in addition to partnership with pertinent federal government companies. In DecemberNigeria’s Central Bank gotten rid of a two-year limitation on cryptocurrency deals however presented rigid standards for banks.
Eventually, 2023 was a year of regulative low and high for Nigeria’s tech community. Something is clear: the environment will be relying on among its own to press policies and programs to stimulate its development. Partnership and engagement with the federal government are a no-brainer.