Since October 2022, Nigeria has embarked on the development of a regulatory framework designed to foster the growth of innovative startups. A series of initiatives have been rolled out to support young companies and stimulate the local tech scene.

On Monday, April 15, Nigeria’s Minister of Communication, Innovation, and Digital Economy, Bosun Tijani, officially inaugurated the national startup portal. The initiative is designed to stimulate the growth of startups and nurture tech talent in Nigeria.

Bosun Tijani, speaking about this initiative, stated, “The platform will also facilitate a consultative forum where issues affecting startups can be discussed and properly defined for action by the government and other stakeholders.”

The digital platform, which can be accessed at startup.gov.ng, offers numerous benefits to local startups. These include registration and labeling, as well as access to valuable knowledge and information resources crucial for their growth and success. Registering on the platform also opens up opportunities for young companies to receive financial support and tax breaks, among other benefits.

The launch of this platform aligns with the objectives of the Nigeria Startup Act, which was enacted in October 2022. This act stipulates the creation of an annual fund of 10 billion naira (approximately $8.6 million) to finance labeled startups through seed funds, grants, or loans.

Official figures reveal that since its inception in November, the new platform has registered 12,948 companies, 912 venture capital investors, 1,735 angel investors, and 925 incubators, accelerators, and hubs.

Samira Njoya