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On 8 April 2021, the Securities and Exchange Commission (“SEC”) released a circular criticizing the upsurge in providers of online investment and trading platforms that facilitate direct access to securities of foreign companies listed on exchange platforms in other jurisdictions.

SEC’s position could be attributed to the increase in Apps and Technology Platforms which enable individuals to access and trade in securities of foreign companies from their mobile phones.

In April, 2021, both Twitter and Amazon announced their Africa HQs will be in Ghana and South Africa respectively.

Over the last few years, a number of tech companies have been forced to shut down, pivot or relocate (if they’re lucky) due to overregulation at the state and federal levels in Nigeria. The country is also not highly rated in the “Ease of Doing Business” rankings.

This article examines how overregulation and regulatory uncertainty continues to cripple Startup development in Nigeria and advises how Startups can be better regulated to boost the Nigerian economy and aid Startup survival.

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