The process of enlisting Nigerian startups has been initiated by the Federal Government. This enlistment is facilitated through a portal, an integral part of the Nigeria Startup Act (NSA 2022). The objective of this act is to promote the expansion and development of startups and tech talents within the nation.
As per the National Information Technology Development Agency (NITDA), the portal currently accommodates 12,948 startups, 912 Venture Capital firms, 1,735 angel investors, and 925 accelerators, incubators, and hubs. Startups that enlist on the portal will qualify for statutory incentives, resources, and opportunities, as indicated by NITDA. Enlistment on the portal will also enable startups to receive a label. However, it’s crucial to note that not all startups will reap the benefits of this initiative.
To ascertain if your startup qualifies for enlistment on the NSA portal, consider the following prerequisites:
Your startup must be a limited liability company registered under the Companies and Allied Matters Act (CAMA).
Your enterprise must have been operational for less than 10 years from the date of incorporation.
Your enterprise’s goals should be centered on the innovation, development, production, enhancement, and commercialization of an innovative digital technology product or process.
Your enterprise should be a custodian or repository of a digital technology product or process or the proprietor or author of a registered software.
At least one-third of the local shareholding in your startup should be held by one or more Nigerians as the founder or co-founder.
If your startup is a sole proprietorship or partnership, it must meet the conditions outlined in the Act.
Your enterprise should be tech-enabled, employing existing tools, platforms, libraries, and frameworks to augment the efficiency or effectiveness of a company or a solution.
To secure the Startup Label, an eligible startup company must complete the enlistment form on the Startups Portal and upload the necessary documents. Once a startup secures the label, it gains access to a startup investment seed fund of N10 billion, grants, loans, and other resources, tax and fiscal incentives, capacity building programs and training, participation in regulatory sandboxes, ecosystem engagement and support infrastructure, and collaborations and linkages with relevant MDAs.
Dr 'Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, underscored that the platform will also serve as a consultative forum where issues impacting startups can be deliberated and properly outlined for action by the government and other stakeholders.
In November 2023, the Federal Government announced the inauguration of the Startup Support and Engagement Portal, which is designed to facilitate the identification and aggregation of startups in the nation.
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