Nigeria’s Minister for Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, has announced the government’s official launch of its Startup Engagement Portal, marking a crucial step in implementing the Startup Act that was signed into law thirteen months ago.
The Startup Engagement Portal serves as the gateway to the benefits and opportunities outlined in the Nigerian Startup Act. Positioned as a one-stop shop for startups, the portal streamlines paperwork and registration processes with key agencies such as the Corporate Affairs Commission, the Securities and Exchange Commission, and the Central Bank of Nigeria.
One of the portal’s notable features is its role in providing startups fiscal and tax incentives, including tax breaks. The Startup Act states that only startups registered on the portal, referred to as “labelled startups,” will be permitted to operate in the country.
Dr. Tijani spoke on the portal’s significance in the selection process for representatives in the Startup Consultative Forum. This forum will play a pivotal role in choosing leaders for the National Council for Digital Innovation and Entrepreneurship (NCDIE), the body responsible for overseeing the implementation of the Startup Act.
The minster also took to Twitter to encourage all startups, venture capital firms, accelerators, and angel investors in Nigeria to register on the Portal, due to its central role in the country’s evolving startup ecosystem.
While Nigeria’s Startup Act faced a one-year delay before being implemented, the launch of the Startup Engagement Portal shows the country’s commitment to fostering a conducive environment for startups.
With this move, Nigeria joins a select group of African countries, including Tunisia, Senegal, the Democratic Republic of Congo, and Togo, to have enacted a Startup Act. Notably, other African nations, including Ghana, Rwanda, and Kenya, are reportedly in the process of developing similar legislation.
As Nigeria takes this significant step, the Startup Engagement Portal is poised to become a catalyst for the growth and development of the country’s vibrant startup community, providing streamlined processes and valuable incentives to propel innovation and entrepreneurship forward.