Venture Capital in Nigeria: A Legal Analysis of Frameworks, Regulatory Challenges, and Reform Proposals

AbstractThis essay offers a detailed legal analysis of the venture capital (VC) ecosystem in Nigeria, the emphasisis on legal frameworks that regulate VC fund formation and deal structuring and exits. It considersthe Companies and Allied Matters Act (CAMA) 2020, the Investment and Securities Act (ISA) 2007,and the Securities and Exchange Commission The (SEC) rules, and other applicable laws like theVenture Capital (Incentives) Act 2004 and the Foreign Exchange (Monitoring and MiscellaneousProvisions) Act 1995. The analysis reveals the regulatory gaps such as insufficient investor protectionsand limited tax breaks, and red tape, which are obstacles to the development of the VC industry. Usingscholarly sources, peer-reviewed journals, and reliable legal materials, the essay recommends changesto address regulatory transparency, investor assurance, and build a strong VC ecosystem in Nigeria.