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Nigeria Govt Gives Backing to Startup Acts, Opens Portal for Engagement with Startups

Nigeria Govt Gives Backing to Startup Acts, Opens Portal for Engagement with Startups

The Nigerian Government has set up a Startup Support and Engagement Portal, designed as a one-stop shop for startups, venture capital companies, hubs, and innovation stakeholders through the efforts of the . National Information Technology Development Agency (NITDA).

The portal will facilitate the labelling of Nigerian Startups and the registration of Venture Capitalists, Angel Investors, Accelerators, Incubators & Innovation Hubs (A.I.I.), and Civil Society Organisations involved in advancement of Technology and Innovation.

The portal was set up as part of efforts to collate and classify startups in Nigeria to benefit from the opportunities provided in the Nigerian Startup Act 2022. Specifically, the portal will facilitate the labelling of Nigerian startups, venture capital companies, hubs and innovation centres in Nigeria. This is pursuant to the requirements of Section 10 of the Nigerian Startup Act, 2022.

It would be recalled that the Act establishes the  National Council for Digital Innovation and Entrepreneurship (The Council), with representation from  relevant Ministries and Agencies of the Federal Government as well as the Nigerian Startup Ecosystem,  to  support complementary policy-making and approve programmes for the development of startups in Nigeria.

It also mandates the setting up of a consultative forum for Nigerian ecosystem stakeholders to engage and present proposals to ‘The Council’ on policies and ideas to develop the Nigerian Startup Ecosystem as well as provide for the Startup Investment Seed Fund  which will be managed by the Nigerian Sovereign Investment Authority (NSIA). to support pipeline development and improve access to seed capital for tech-enabled startups.

The Act simplifies registrations and access to government services through the Startup Support and Engagement Portal, and introduces several incentives to improve the viability of startups and facilitate investment in Nigerian startups.

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