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On 19 October 2022, former president Muhammadu Buhari signed the Nigeria Startup Act (the Act) into law. Prior to this, the country had no specific, encompassing startup legislation. The Act creates a foundational legal and institutional framework for supporting startups in Nigeria.
12 December 23
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One of the provisions of the Act is the introduction of a startup label. The provisions of the Act apply to only businesses that have registered for and obtained a startup label. To facilitate the labelling process, the Act mandates the establishment of a Startup Support and Engagement Portal through which eligible startups can register for a label. Consequently, the Federal Government, through the Minister of Communications, Innovation and Digital Economy, recently announced the launch of an engagement portal to register Nigerian startups. Startups, venture capitalists, angel investors, accelerators, incubators, and innovation hubs can register on the portal.
Should you have any questions regarding the information in this legal alert, please do not hesitate to contact, Ajibola Asolo.
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Contributor
Bukola Akinsulere – Senior Associate