Evaluation of the Nigerian Startup Act 2022 in redefining SME growth in Nigeria: The Pros and Cons

Abstract

This study evaluated the influence of the Nigerian Startup Act 2022 (NSA) in redefining SME growth in Nigeria. The study used a quantitative research method which involves a cross-sectional research design and a structured survey that was used in to elicit information from one hundred and twenty (120) respondents. The study made use of a multi-stage sampling technique. Meanwhile, descriptive statistics (mean and standard deviation) were used to proffer answers to the research questions, correlation analysis helped in determining the relationship existing between the variables, while multiple regressions used in testing the hypotheses. The study found that implementation of the objectives of the Nigerian Startup Act will not redefine SME growth in Nigeria. Conversely, the perceived benefit of NSA will positively influence SMEs growth and the unintended consequences negatively influence the SME growth. The study recommends the need for the National Council for digital innovation to review the objectives of the NSA and ensure the right structures and machineries are put in place.