Does regulation inhibit innovation and if so, by how much? Regulation is often mentioned as a barrier to innovation in various industries across the world. Issues such as delayed market entry, licensing fees, fiscal and monetary policy, government interference and so on are some frequently mentioned barriers. How then do we foster innovation in Africa (particularly Nigeria) and what role does the government have to play in this process?
Regulations are intended to improve the efficiency of the markets in delivering goods and services. There is a growing consensus that the quality of business regulation and the institutions that enforce it are major determinants of prosperity. Regulations that show a lack of understanding of the tech and innovation ecosystem will have a negative impact on innovation and the economy at large. Nigerian regulators have on several occasions opted for bans rather than regulating around innovative processes.
Our session at this year’s Africa NXT will bring together leading experts in the legal, policy, tech and business space to discuss how overregulation and regulatory uncertainty continues to cripple startup development and innovation in Nigeria and across the continent. Our expert panel will also advise how the startups/tech space can be better regulated to boost productivity and contribution to the economy.
Our major focus will be on how reforms by Governments can be a powerful stimulus to further innovation, growth and the emergence of a new set of business leaders.
This session is hosted by Olisa Agbakoba Legal