The Nigeria Startup Act 2022 (the “Act”) introduces a new regulatory framework for startups in Nigeria. Its implementation is expected to drive growth in Nigeria’s tech industry and contribute to the development of an enabling environment for startups.
The Act contains various provisions ranging from the introduction of a labelling requirement for eligible startups, to the establishment of a special seed fund which is dedicated to financing labelled startups, technology accelerators, incubators, and hubs, among other things. Labelled startups, as well as investors, private equity funds, and venture capitalists are also entitled to a number of tax and financial incentives under the Act. Additionally, a Startup Support and Engagement Portal will be set up to facilitate a centralised access point for engagements with relevant regulatory authorities.
We have highlighted noteworthy provisions of the Act in our article, and have provided an analysis of these provisions. Should you have any questions, or wish to discuss, please do contact us at: email@example.com