The Emergence of Tech Companies and Sustainable Legal Framework in Nigeria

Abstract

The Nigerian business space over the past decade has experienced explosion of Tech companies especially in Financial Technology and Educational Technology. In the financial technology services alone, there are more than 200 registered startups. With the drastic shift from industrial and information ages to digital age, the future is now tied to providing knowledge-based solutions to practical problems in finance, education, medicine, commerce and other critical areas of human endeavour. Nigerian entrepreneurs are now seeking for various ways through the use of technology to solve human problems. The rise of Nigerian Tech Startups has led to several spontaneous adjustments in the corporate and business regulation sector in Nigeria, for instance on the 18th of May 2022, the Federal Government approved tax reliefs for tech startups in the country. This article examines corporate regulations binding on these Tech companies, regulatory compliance for tech startups; it also considers extant and proposed laws intending to regulate the activities of these companies in Nigeria. The article concludes that in a developing country like Nigeria there is the need for innovation, growth, development and the legislature must make laws to promote these concepts because as more Tech companies emerge it is imperative to create a legal environment where they can thrive in a sustainable global economy and finally this article recommends the amendment of certain laws and enactment of more laws to regulate the activities of tech companies as this will enhance sustainable development of the sector to meet up with best competitive practices in developed economy.