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Alexander O. Onukwue
14th May 2021 Nigeria Vice President Yemi Osinbajo with members of the Paystack team at their Lagos office in April 2018
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One landmark acquisition, several funding rounds and meaningful expansions have drawn attention to Nigeria’s potential to become an enabling environment for businesses. Nigerian tech startups are raising larger seed rounds and pursuing unique global ambitions than at any other time in the last decade.
But in the last 18 months, major regulatory events that ended motorcycle-hailing and suspended cryptocurrency transactions through banks have been interpreted as setbacks to innovation.
One problem with these types of regulations is how sudden they are, seemingly without forewarning from the hammer bearers. They raise an unambiguous question: can startups really flourish in Nigeria?