President Muhammadu Buhari, today, October 19, signed the country’s start-up bill into law which was passed by the National Assembly in July 2022.
The Minister of Communication and Digital Economy, Isa Pantami, announced this development through a tweet on the microblogging platform, Twitter, immediately after Buhari appended his signature to the bill.
This recent Act is a joint initiative by the country’s tech start-up ecosystem and the Presidency, to grow the potential of the country’s digital economy through co-created regulations.
It is a belief that it will ensure that Nigeria’s laws and regulations are clear, planned, and work for the tech ecosystem.
The bill had initially been submitted to President Buhari in October 2021 who then submitted the Executive Bill to the National Assembly.
Excerpts from the bill show that start-ups will have tax and fiscal incentives.
The document read, “Labelled start-ups with not more than 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 receive 5 percent tax break on their assessable profits, access to government grants, loans, and facilities.”
“Start-Ups will also have access to export incentives and financial assistance from the Export Development Fund, Export Expansion grants, and the Export Adjustment Scheme Funds.”
