Nigerian President, Muhammadu Buhari today in his office in Abuja asserted the Nigeria Start-Up Act, 2022, which is an Executive Bill initiated by both Office of the Chief of Staff & the Office of the Minister of Comms & Digital Economy.
“Today, we are happy to announce that the Nigeria Start-Up Act, 2022 has been asserted to by the President, Muhammadu Buhari,” Minister of Communications and Digital Economy of Nigeria, Professor Isa Pantami announced on his social media page.
The Minister of Communications and Digital Economy of Nigeria, Professor Isa Pantami had on December 15, 2021, presented the draft Bill to the Federal Executive Council and it was approved.
President Buhari transmitted it to the National Assembly. It returned to him and finally, he assented to it and it becomes our law.
Nigeria Start-Up Act, 2022 seeks to tackle three main challenges for Nigerian startups: lack of an enabling environment, unclear regulatory framework and inadequate local content support. The Bill will also tackle challenges such as lack of protection and incentives like tax breaks, incentives to attract foreign capital and access to an exclusive list of public and private-led local funding opportunities including a ₦10 billion fund from the federal government.