The Nigeria Startup Act was enacted to provide startups with easy access to registrations, access to information, resources, incentives, collaboration and linkages.
However, the Startup Support and Engagement Portal was set up as part of efforts to collate and classify startups in Nigeria to benefit from the opportunities provided in the Nigerian Startup Act 2022. Specifically, the portal will facilitate the labelling of Nigerian startups, venture capital companies, hubs and innovation centres in Nigeria. This is pursuant to the requirements of Section 10 of the Nigerian Startup Act, 2022.
Highlights of the Nigeria Startup Act
It established the National Council for Digital Innovation and Entrepreneurship (The Council), with representation from relevant Ministries and Agencies of the Federal Government as well as the Nigerian startup ecosystem, to support complementary policy-making and approve programmes for the development of startups in Nigeria.
It set up a consultative forum for Nigerian ecosystem stakeholders to engage and present proposals to ‘The Council’ on policies and ideas to develop the Nigerian Startup Ecosystem.
It provide for the Startup Investment Seed Fund, which will be managed by the Nigerian Sovereign Investment Authority (NSIA) to support pipeline development and improve access to seed capital for tech-enabled startups
It also simplified registrations and access to government services through the Startup Support and Engagement Portal.
It also introduces several incentives to improve the viability of startups and facilitate investment in Nigerian startups.
The act established the National Council for Digital Innovation and Entrepreneurship (The Council), with representation from relevant Ministries and Agencies of the Federal Government as well as the Nigerian Startup Ecosystem, to support complementary policy-making and approve programmes for the development of startups in Nigeria.
The act set up a consultative forum for Nigerian ecosystem stakeholders to engage and present proposals to ‘The Council’ on policies and ideas to develop the Nigerian Startup Ecosystem.
It provides for the Startup Investment Seed Fund, which will be managed by the Nigerian Sovereign Investment Authority (NSIA) to support pipeline development and improve access to seed capital for tech-enabled startups.
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