By  Adoni Conrad Quenum

Nigeria, like several African countries, has promulgated its startup act to support the entrepreneurship ecosystem. However, the act is yet to be fully implemented.

On Tuesday, November 21, Bosun Tijani, Nigeria’s Minister of Communications, Innovation and Digital Economy, announced the launch of the Start-up Support and Engagement Portal. It will help identify and aggregate Nigerian startups, venture capital firms, hubs, and innovation centers to facilitate the engagement and support of the various players in the ecosystem.

“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 to facilitate discourse and consensus among Nigerian ecosystem players,” he said.

The establishment of the Startup Support and Engagement Portal builds upon the enactment of the Nigeria Startup Act in October 2022. This landmark legislation, championed by local tech ecosystem leaders and government authorities, has established a comprehensive framework for nurturing and supporting startups across the country. In April 2023, President Muhammadu Buhari further propelled the advancement of the tech sector by inaugurating the Nigerian National Council for Digital Innovation and Entrepreneurship (NCDIE), tasked with overseeing the implementation of the Startup Act.

To qualify for the “Startup” label, which unlocks a range of benefits under the Startup Act, startups must be in operation for less than 10 years and register on the Startup Support and Engagement Portal. These benefits include tax breaks, capacity-building programs, and access to grants, loans, and investment funds. https://www.wearetech.africa