Thirteen months after the enactment of the Startup Act in Nigeria, the Federal Government has officially launched the Startup Support and Engagement Portal.
Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, made the announcement while emphasising that the Portal serves as the primary gateway to the provisions outlined in the Startup Act.
Functioning as a centralised Platform, the Portal, established under Section 30 of the Act, streamlines Administrative Processes for Startups, facilitating Paperwork and Registration with Regulatory Bodies such as the Corporate Affairs Commission, the Securities and Exchange Commission, and the Central Bank of Nigeria. Additionally, Startups registering on the Portal stand to benefit from Fiscal Incentives, including Tax breaks.
According to the Act, only Startups labelled as Registered on the Portal will be permitted to operate within the Country. Tijani highlighted in a Tweet that the Portal will play a crucial role in selecting Representatives for the Startup Consultative Forum.
The Forum, in turn, will identify Leaders for the National Council for Digital Innovation and Entrepreneurship (NCDIE), the entity responsible for implementing the Startup Act. The Minister has urged all Startups, Venture Capital Firms, Accelerators, and Angel Investors in Nigeria to complete their Registration on the Portal.
The Forum while taking a broader perspective, ascribed Nigeria’s late implementation of the Startup Act which was a year behind schedule, to the transitional period following Democratic Elections in the Country.
Nigeria is among the five Countries, including Tunisia, Senegal, DRC, and Togo, to have a Startup Act.
Meanwhile, several other African Nations, including Ghana, Rwanda, and Kenya, are reportedly in the process of developing similar Legislation.
Credit NAN: Texts excluding Headlines
