Unlocking Nigeria's Innovation Potential with the Nigeria Startup Act
The portal will facilitate the labelling of Nigerian Startups and the registration of Venture Capitalists, Angel Investors, Accelerators, Incubators & Innovation Hubs (A.I.I.), and Civil Society Organisations involved in advancement of Technology and Innovation.
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About the Nigeria Startup Act
The Nigeria Startup Act 2022 provides incentives, structures and programmes for Nigerian startups to catalyse growth, create value and build a foundation to export tech-enabled services. The Act also creates the National Council for Digital Innovation and Entrepreneurship whose primary mandate is to align national policies for the development of startups and establish programmes to support tech-enabled startups in Nigeria.
Highlights of the Nigeria Startup Act
Establishes the National Council for Digital Innovation and Entrepreneurship (The Council)
Sets up a consultative forum for Nigerian ecosystem stakeholders to engage and present proposals to the Council
Provides for the Startup Investment Seed Fund which will be managed by the Nigerian Sovereign Investment Authority (NSIA)
Simplifies registrations and access to government services through the Startup Support and Engagement Portal
Features of Startup Support and Engagement Portal
Registration of A.I.I. and Labeling of Startups
Identifying structured and quality support for high-impact and scalable startups
Startup Engagement and Support
Providing startups with valuable knowledge and information resources for growth and success
Tax and Fiscal Incentives
The Act offers a range of incentives to encourage both local and foreign investors to invest in a Nigerian startup
Financing and Fund Management
Ensuring access to financial resources and effective fund management for startups
Ecosystem Engagement and Support
Building a robust support structure for the startup ecosystem to grow and thrive
Collaboration and Linkage with Government
Fostering partnerships and connections with relevant government agencies to advance startup initiatives
Sign Up and Pave the Way for Innovation and Growth
Partners
Our continent has massive challenges and those of who are working in IT just can’t stay at the level of solving peripheral problems for a thin middle class. We actually have to build the future.
Iyinoluwa Aboyeji
CEO, Future Africa
Inventing something new is technology, being able to commercialize technology is innovation.
Dr. Kashifu Inuwa
DG/CEO, NITDA
I am optimistic about the vibrant youth we have who are always with high energy and creative thinking of how to solve our serial challenges. It is a good one, and in the near future, it will contribute significantly to the economy.
Faiz Bashir
CEO, FlexiSAF
Frequently Asked Questions
You need answers to your questions?
1. What is the Nigeria Startup Act(NSA)?
The NSA is a co-created law by the government and ecosystem to unlock Nigeria's digital economy potential by ensuring regulatory certainty, creating an enabling business environment, and fostering local content to attract investment and create job opportunities.
6. Who are the memebers of the council?
The council consists of the following fourteen (14) members;
- The President of the Federal Republic of Nigeria - Chairman;
- The Vice President of the Federal Republic of Nigeria - Vice Chairman;
- The Minister for Communication, Innovation and Digital Economy;
- The Minister for Finance, Budget and National Planning;
- The Minister for Industry, Trade and Investment;
- The Minister for Science, Technology and Innovation;
- The Governor of Central Bank of Nigeria (CBN);
- Four (4) Representatives of the Startup Consultative Forum
- One (1) member to represent the Nigeria Computer Society (NCS);
- One member to represent the Computer Professionals (Registration Council of Nigeria); and
- The Director General of the National Information Technology Development Agency (NITDA) - Secretary.
2. How can I get the Startup Label?
To get the Startup Label, a startup company shall fill out the registration form on the Startups Portal and upload the prescribed documents. Where the Portal Coordinator is satisfied that an applicant has complied with the requirements for labelling, the startup Coordinator shall enter the name and particulars of the applicant in the;
- register of startups; and
- issue a label to the startup.
7. What are the functions of the Startup Consultative Forum?
Information sharing and collaboration in the ecosystem with respect to;
- Policy proposals;
- Information on startups, which qualify for labelling;
- deliberation on memorandum to the National Council for Digital Innovation and Entrepreneurship (NCDIE);
- Nomination of representatives to the NCDIE.
3. What are the benefits of getting a Startup Label?
Achieving a startup label comes with a myriad of advantages that can significantly bolster the growth and success of emerging businesses. From financial incentives to strategic support, here are the key benefits:
- Access to the startup investment seed fund, grants, loans etc.
- Access to tools and resources
- Tax and fiscal incentives for Startups and Investors
- Capacity building programs and trainings
- Participation in regulatory sandboxes
- Ecosystem engagement and support infrastructure
- Collaborations and linkages with relevant MDAs as it relates to a startup
8. Can a Startup Label be withdrawn
Yes, a startup label will be withdrawn if a startup is in default of the obligations of a labelled startup or fails to meet the eligibility criteria.
4. As a startup, what are the relevant government ministries Departments and Agencies (MDAs) I may be able to have access to?
As a startup, what are the relevant government Ministries, Departments and Agencies (MDAs) I may be able to have access to?
- Some of the relevant MDAs include the following;
- Nigerian Sovereign Investment Authority (NSIA)
- Corporate Affairs Commission (CAC)
- Federal Inland Revenue Service (FIRS)
- Central Bank of Nigeria (CBN)
- Nigerian Investment Promotion Commission (NIPC)
- Nigerian Export Processing Zones Authority (NEPZA)
- Industrial Training Fund (ITF)
- Nigerian Copyright Commission
9. Can a label be issued to startup company that is not technology enabled?
No, a Startup Label can only be issued to a startup that is technology enabled.
5. What is the council?
The Council refers to the National Digital Innovation and Entrepreneurship Council (NDIEC), which is the highest government body of the Nigeria Startup Act whose primary mandate is to align national policies for the development of startups and establish programmes to support tech-enabled start-ups in Nigeria.
10. Can the starup label be issued to a startup that is more than 10 years in existance?
No, a Startup Label can only be issued to a startup that is less than 10 years in existence from the date of incorporation.
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