23rd May, 2022
Nigerian Government has approved tax reliefs for tech startups to encourage and support the development and growth of more Innovation-Driven Enterprises.
This was disclosed by Nigeria’s Minister of Communications and Digital Economy, Isa Ali Pantami on Sunday.
According to the statement, the tax reliefs and incentives would help to create millions of jobs in the country.
Pantami said the initiative is part of number of the proposed strategies made at an interactive forum held on 22nd February 2022 when he led a Federal Government delegation on a working visit to the Lagos digital innovation ecosystem.
“This will also help to develop innovative solutions to societal problems, and rapidly grow, as well as diversify the Nigerian economy, in line with the National Digital Economy Policy and Strategy for a digital Nigeria,” the statement read.
“Nigeria’s startup ecosystem attracted about 35 per cent (estimated at $1.4billion) of the over $4billion raised by African startups, which is the highest raised by any startup ecosystem on the continent.
“The Nigeria Startup Bill was earlier approved by the Federal Executive Council and forwarded to the National Assembly and the process is about 90% complete.
“The approval of the incentives at the council will consolidate the gains recorded for far in the NSB process.
“The implementation of the National Digital Economy Policy and Strategy emphasises the importance of the innovation and startup ecosystem to the development of an indigenous digital economy.”
Pantami added the government would continue to position Nigeria to develop the tech ecosystem to transform Nigeria into a country with a sustainable and thriving digital economy.