EXPLORING THE ROLE OF INNOVATIONS IN THE COMPANIES AND ALLIED MATTERS ACT 2020, IN PROMOTING ENTREPRENEURSHIP AND START-UP ECOSYSTEMS IN NIGERIA

Abstract

Abstract
This paper examines the role of legal and regulatory innovations in the context of the Companies and Allied
Matters Act (CAMA) and other relevant laws in promoting entrepreneurship and startups in Nigeria. It
explores recent reforms aimed at simplifying business registration, enhancing corporate governance, and
providing a more supportive environment for new ventures. The chapter delves into how these legal changes
have influenced the ease of doing business, access to financing, and the overall entrepreneurial ecosystem
in the country. By analyzing key provisions such as the introduction of single-member companies, the
impact of (CAMA) 2020 on entrepreneurship and startups, the promotion of the corporate governance system,
the reduction of bureaucratic hurdles, and the increased protection for minority investors, it assesses the
effectiveness of these reforms in fostering a thriving startup culture. Furthermore, the paper discusses the
challenges that still remain, including gaps in enforcement and the need for further legal innovation to
ensure a sustainable and inclusive entrepreneurial landscape in Nigeria. Through this analysis, the paper
aims to provide insights into the critical interplay between law, innovation, and entrepreneurship, offering
policy recommendations to strengthen the legal framework in support of startup growth.