The government of Nigeria has introduced a new website, startup.gov.ng, to help small and new businesses in the country. Minister Bosun Tijani revealed the website’s launch, aimed at connecting with investment firms, innovation centers, and business hubs. This initiative is part of the Nigeria Startup Act signed by former President Buhari in 2022.
The Act sets rules for businesses to qualify as startups, requiring them to obtain a special “startup label.” To assist with this, the Act establishes a special portal called the Startup Support and Engagement Portal. It helps companies get the startup label and builds better communication between regulators and startups.
Companies with the startup label must fulfill certain responsibilities; otherwise, their label could be taken away. For a business to be recognized as a startup, it must be a registered limited liability company operational for a maximum of ten years from its registration date. Startups will benefit from a dedicated Startup Investment Seed Fund, providing financial and technological support.
This funding aims to make it easier for these startups to grow and succeed. Moreover, labelled startups will enjoy tax benefits such as pioneer status incentives and reduced taxes based on specific employment criteria.
