Apply for Nigeria Startup Act Support 2023

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

1. Registration of A.I.I. and Labeling of Startups

Identifying structured and quality support for high-impact and scalable startups

 

2. Startup Engagement and Support

Providing startups with valuable knowledge and information resources for growth and success

 

3. Tax and Fiscal Incentives

The Act offers a range of incentives to encourage both local and foreign investors to invest in a Nigerian startup

 

4. Financing and Fund Management

Ensuring access to financial resources and effective fund management for startups

 

4. Ecosystem Engagement and Support

Building a robust support structure for the startup ecosystem to grow and thrive

 

5. Collaboration and Linkage with Government

Fostering partnerships and connections with relevant government agencies to advance startup initiatives.

 

Criteria to enroll

  1. Be a limited liability company registered under the Companies and Allied Matters Act (CAMA).
  2. Be a company existing for less than 10 years from the date of incorporation.
  3. Have objects that are focused on innovation, development, production, improvement, and commercialization of a digital technology innovative product or process.
  4. Be a holder or repository of a product or process of digital technology or the owner or author of a registered software.
  5. Have at least one-third of local shareholding held by one or more Nigerians as founder or co-founder of the startup.
  6. Satisfy the conditions set out in the Act, in the case of a sole proprietorship or partnership.
  7. Be a tech-enabled business that uses existing tools, platforms, libraries, and frameworks to make a company or a solution more efficient or effective.

 

Click Here to Apply Online

 

Nigerian Startup Portal:

https://startup.gov.ng/

 

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