October 19, (THEWILL) – President Muhammadu Buhari, on Wednesday, signed the start-up bill into law.
The Minister of Communication and Digital Economy, Isa Pantami, disclosed this on Wednesday, in a tweet via his official Twitter handle.
Pantami tweeted, “His Excellency, @MBuhari has just assented to Nigeria Start-up Bill. It has now become Nigeria Start-Up Act, 2022.
“It was an Executive Bill, initiated by both Office of the Chief of Staff and the Office of the Minister of Comms & Digital Economy. Congratulations to all.”
The new Act is a joint initiative by Nigeria’s tech start-up ecosystem and the Presidency to harness the potential of our digital economy through co-created regulations.
It seeks to create and develop an enabling environment for technology-enabled start-ups in the country.
The bill was first submitted to President Buhari in October 2021 who then submits the Executive Bill to the National Assembly. In July 2022, NASS passed the Nigerian Start-up Bill.
“Labelled start-ups with at least 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 get 5 percent tax break on their assessable profits, access to government grants, loans and facilities.
“Start-Ups will also get access to export incentives and financial assistance from the Export Development Fund, Export Expansion grants and the Export Adjustment Scheme Funds”, the document read in part.
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