A tech expert has opined that the newly Nigerian Startup Act can tackle hurdles startups/entrepreneurs face in the country. Speaking in an exclusive media chat, Charles Iyoha who is the Vice President/Partner of Hotspot Network Limited said he would like the government to look further into this.
According to him, there are many opportunities and challenges facing the Nigerian tech-sphere. He also commended the resilience spirit of Nigerian youths for striving despite the harsh economic realities.
“I applaud Nigerian youths for their resilience; mostly, they think of the box despite little or no training to establish their thriving businesses. It has led the government to take the first step in drafting and passing the act into law. However, a lot has to take out obstacles and hindrances that have always plagued startups in Nigeria,” Charles Iyoha said.
Why The Nigerian Startup Act is Beneficial To Entrepreneurs
Recall that the Startup Act was signed by President Muhammadu Buhari in October 2022 and it holds a lot of benefits for the Nigerian youths. However, the Nigerian youths still await its implementation.
“The Act looks very good on paper and in theory. However, the government still has a lot to do in this area. There is not much I can say about it now, as it was only signed into law less than a month ago. We are yet to see what or if any effects in the tech-sphere,” Iyoha said
“The truth is that Startup/entrepreneurship is very hard in Nigeria. When you are not suffering from a lack of funding sources, the state and local governments chase you with double and sometimes triple taxation. Or lack of primary education in our higher institutions – we don’t train our students to be entrepreneurs. They are taught how to graduate and find a job. Let’s start training kids from high schools on how to Startup and run small businesses. The action will go a long way to changing the present mindset and making the next generation the entrepreneurial generation.” He added.
You can get full details of the Nigerian Startup Act here
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