Nigerian Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, has announced the launch of the Startup Support and Engagement Portal.
The portal is a provision of the Nigeria Startup Act that aims to aggregate startups, investors, and support organizations like accelerators, incubators, and innovation hubs.
“The launch of the portal will allow us [to] initiate the process of setting up the startup consultative forums to select representatives to the National Council for Digital Innovation and Entrepreneurship, in order to facilitate discourse and consensus among Nigerian ecosystem players,” the Minister said recently.
All Nigerian startups, venture capital companies, hubs, and innovation centers are invited to register on the portal. By registering on the platform and obtaining a startup designation, emerging businesses gain several benefits including:
- Entry to tax exemptions
- Programs to enhance their capabilities
- Opportunities for grants and loans
- Access to the investment fund, among other benefits
It is crucial to note that only startups with less than a decade of operational history are eligible for the startup designation.
Initiated in May 2021 by the Nigerian presidency and a coalition of Nigerian technology industry leaders, the Nigeria Startup Act is designed to lay out rules and systems for how startups and governmental and regulatory bodies collaborate to advance the country’s growing tech ecosystem.
The Startup Act was approved by the Federal Executive Council in December 2021, passed by the Senate in July 2022, and then signed into law by then-President Muhammadu Buhari in October 2022. The aim of the law is to help position Nigeria’s startup ecosystem as the leading ecosystem in Africa.
Nigeria was the third country to have a Startup Act in Africa after Senegal and Tunisia, while Kenya and Ethiopia are also pursuing their own.
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