Tue, Jun

FG Approves Tax Reliefs, Other Support For Tech Start-ups

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The Federal Government (FG) has approved tax reliefs and other incentives for tech start-up companies to enable the implementation of strategies to support the development of more Innovation-Driven Enterprises (IDE). The approved tax reliefs and incentives are expected to create millions of jobs across the country. This was disclosed in a statement signed by the Minister of Communications and Digital Economy, Isa Pantami.

According to the statement, “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 (NDEPS) for a digital Nigeria.

“The Nigeria Startup Bill (NSB) was earlier approved by the Federal Executive Council (FEC) 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 so far in the NSB process.

“The implementation of the NDEPS emphasizes the importance of the innovation and start-up ecosystem to the development of an indigenous digital economy”.

The statement stated that Nigeria’s start-up ecosystem “attracted about 35 percent (estimated at $1.4 billion) of the over $4 billion generated by African start-ups, which is the highest raised by any start-up ecosystem on the continent”.