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Launch| To consolidate and bolster the startup ecosystem, Nigeria Launches Startup Support Portal

The inauguration of the Startup Support and Engagement Portal has been announced by Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy for Nigeria.

A feature of the Nigeria Startup Act, the portal brings together investors, companies, and support groups such as innovation hubs, accelerators, and incubators.

In an effort to promote communication and agreement amongst Nigerian ecosystem participants, the Minister recently stated, “the launch of the portal will allow us [to] initiate the process of setting up the startup consultative forums to select representatives to the National Council for Digital Innovation and Entrepreneurship.”

Registration on the portal is open to all Nigerian hubs, innovation centers, venture capital firms, and startups. Emerging firms can profit from various advantages by registering on the site and earning a startup classification. These advantages include:

Entry to tax exemptions
Programs to enhance their capabilities
Opportunities for grants and loans
Access to the investment fund, among other benefits

It is important to remember that the startup classification is only available to companies that have been in existence for less than ten years.

The Nigeria Startup Act was launched in May 2021 by the Nigerian government and a group of prominent figures in the country’s technology sector. Its goal is to establish guidelines and procedures for the cooperation of startups, governmental agencies, and regulatory organizations in order to promote the nation’s expanding technological ecosystem.

The Startup Act was ratified by the Senate in July 2022 after being endorsed by the Federal Executive Council in December 2021. It was then signed into law by President Muhammadu Buhari in October 2022. The regulation is intended to assist in elevating Nigeria’s startup ecosystem to the top of Africa.

After Senegal and Tunisia, Nigeria became the third nation in Africa to adopt a Startup Act, while Kenya and Ethiopia are also pursuing their own.

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