Buhari signs startup bill into law

President Muhammadu Buhari has signed into law the Nigeria Startups Bill under which the government is to set up N10 billion Naira Investment Fund for young innovators and also make provision for incentives and tax holidays to encourage local innovators.

The Minister of Communication and Digital Economy, Isa Pantami, who spoke with newsmen on Wednesday shortly after the Act was signed by President Buhari at the State House, Abuja, said the bill seeks to create and develop an enabling environment for technology-enabled startups in the country.

He also added that startups can also access a special seed fund created under the law which will provide labelled startups with finance and also provide relief to technology laboratories, accelerators, incubators and hubs.

Meanwhile, with the document, companies will be required to obtain a certificate known as the ‘startup label’, before they can be regarded as a startup entity.

Abisola Adebayo is a Reporter/Presenter/Social Media Manager for Tv360Nigeria. She is a first class graduate of the department of Mass Communication at Fountain University, Osogbo. Abisola is currently running her Masters Degree at the University of Lagos. The Social Media savvy young lady is ambitious and driven, likes trying new things and sets new goals for herself. Always looking for an opportunity to do better and achieve greatness.

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