The Nigeria Startup Act: A new dawn for the Nigerian startup ecosystem

  1. Establishment of the National Council for Digital Innovation and Entrepreneurship (The Council)
  • formulate and provide general policy guidelines for the realisation of the objectives of this Act
  • give overall direction for the harmonisation of laws and regulations that affect a startup
  • ensure the monitoring and evaluation of the regulatory framework to encourage the development of startups.
  • the objects of the entity should be innovation, development, production, improvement, and commercialisation of a digital technology innovative product or process.
  • it must be a holder or repository of a product or process of digital technology or the owner or author of registered software.
  • It must have at least one-third local shareholding held by one or more Nigerians as founder or Co-founder of the startup.
  • provide a labelled startup with finance.
  • provide early-stage finance for a labelled startup on the recommendation of the Fund Manager subject to the approval of the Council; and
  • provide relief to technology laboratories, accelerators, incubators and hubs.
  • Pioneer Status Incentive Scheme
  • Exemption from payment of Income tax for a labelled startup
  • Incentives and reliefs for investors investing in a labelled startup
  • Crowdfunding
  • Establishment of a Credit Guarantee Scheme

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The Nigeria Startup Act

The Nigeria Startup Act

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The NSA is a joint initiative by Nigeria’s tech ecosystem and the Presidency to harness the potential of our digital economy through co-created regulations.