EKO HOT BLOG reports that President Muhammadu Buhari, on Wednesday signed the Nigeria Startup Bill into law.
The Minister of Communication and Digital Economy, Isa Pantami, disclosed this in a tweet immediately after President Muhammadu Buhari appended his signature.
The Executive Bill, which was initiated by both the Office of the Chief of Staff & the Office of the Minister of Communications & Digital Economy, seeks to bolster the growth of the Startup ecosystem in Nigeria.
Pantami tweeted, “His Excellency, @MBuhari has just assented to Nigeria Start-up Bill. It has now become Nigeria Start-Up Act, 2022.
“It was an Executive Bill, initiated by both Office of the Chief of Staff and the Office of the Minister of Comms & Digital Economy. Congratulations to all.”
The new Act is a joint initiative by Nigeria’s tech startup ecosystem and the Presidency to harness the potential of our digital economy through co-created regulations.
It is believed that it will ensure that Nigeria’s laws and regulations are clear, planned, and work for the tech ecosystem.
The bill was first submitted to President Buhari in October 2021 who then submitted the Executive Bill to the National Assembly.
In July 2022, NASS passed the Nigerian Startup Bill.
The document reads, “Labeled startups with at least 10 employees, 60 percent of whom have no working experience, and within three years of graduating from school or any vocation are entitled to tax breaks from income taxes will get 5 percent tax break on their assessable profits, access to government grants, loans, and facilities.”
“Start-Ups will also get access to export incentives and financial assistance from the Export Development Fund, Export Expansion grants, and the Export Adjustment Scheme Funds.”
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