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NIGERIA STARTUP ACT 2022

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LAWS OF NIGERIA BY GENERAL CATEGORIES

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NIGERIA STARTUP ACT 2022 [ACT No. 32]

LAWS OF THE FEDERATION OF NIGERIA

ARRANGEMENT OF SECTIONS

PART I — OBJECTIVES AND APPLICATION OF THE ACT

1.     Objectives.

2.     Application.

PART II — ESTABLISHMENT OF THE NATIONAL COUNCIL FOR DIGITAL INNOVATION AND ENTREPRENEURSHIP

3.     Establishment of the National Council for Digital Innovation and Entrepreneurship.

4.     Membership of the Council.

5.     Tenure of office of members of the Council.

6.     Cessation of membership.

7.     Functions and powers of the Council.

8.     Council agent.

PART III — OPERATIONAL STRUCTURE OF THE COUNCIL

9.     Secretariat of the Council.

10.    Startup Support and Engagement Portal.

11.    Appointment of a Coordinator of the Startup Portal.

12.    Startup Consultative Forum.

PART IV — STARTUP LABELLING PROCESS

13.    Eligibility for grant of a startup label.

14.    Procedure for labelling a startup.

15.    Issuance of a labelling certificate.

16.    Obligations of labelled startup.

17.    Withdrawal of startup label.

18.    Reissuance of startup label.

PART V — STARTUP INVESTMENT SEED FUND

19.    Establishment of Startup Investment Seed Fund.

20.    Functions of the Fund Manager.

PART VI — TRAINING, CAPACITY BUILDING AND TALENT DEVELOPMENT

21.    Training and capacity building.

22.    Talent development.

23.    Support of academic research institutions.

PART VII — TAX AND FISCAL INCENTIVES

24.    Incentives for labelled startups under the Pioneer Status Incentive Scheme.

25.    Additional tax reliefs.

26.    Access to export facilities.

27.    Access to government grants, loans and facilities.

28.    Credit Guarantee Scheme.

29.    Incentives and reliefs for investors investing in a labelled startup.

30.    Collaboration with the Corporate Affairs Commission.

31.    Protection of intellectual property rights.

32.    Crowdfunding.

33.    Transfer of Foreign Technology.

34.    Obtaining licences for a financial technology startup.

35.    Participation of a labelled startup in regulatory sandboxes.

36.    Listing of a startup on exchanges.

37.    Repatriation of capital and profits.

PART VIII — ACCELERATORS AND INCUBATORS

38.    Accelerator and incubator programmes.

39.    Incentives for accelerators and incubators.

PART IX — CLUSTERS, HUBS, INNOVATION PARKS AND TECHNOLOGY DEVELOPMENT ZONES

40.    Establishment of clusters, hubs and innovation parks.

41.    Functions of the clusters, hubs and innovation parks.

42.    Establishment of Technology Development Zones.

PART X — MISCELLANEOUS PROVISIONS

43.    Data protection.

44.    Power of the President to give directives of general character.

45.    Power to make regulations or guidelines.

46.    Pre-action notice.

47.    Interpretation.

48.    Citation.

SCHEDULE — SUPPLEMENTARY PROVISIONS RELATING TO THE COUNCIL

NIGERIA STARTUP ACT 2022 [ACT No. 32]

An Act to establish the National Council for Digital Innovation and Entrepreneurship, provide for the creation and development of an enabling environment for technology-enabled startups in Nigeria; and for related matters.

[COMMENCEMENT]                                              [19TH DAY OF OCTOBER, 2022]

ENACTED by the National Assembly of the Federal Republic of Nigeria—

PART I — OBJECTIVES AND APPLICATION OF THE ACT

1.     Objectives.

The objectives of this Act are to —

(a)    provide a legal and institutional framework for the development of startups in Nigeria;

(b)    provide an enabling environment for the establishment, development and operation of startups in Nigeria;

(c)    provide for the development and growth of technology-related talents; and

(d)    position Nigeria’s startup ecosystem, as the leading digital technology centre in Africa, having excellent innovators with cutting edge skills and exportable capacity.

2.     Application.

This Act applies to —

(a)    companies incorporated under the Companies and Allied Matters Act and granted the startup label, in accordance with the provisions of this Act; and

(b)    organisations and establishments, whose activities affect the creation, support and incubation of labelled startups in Nigeria.

PART II — ESTABLISHMENT OF THE NATIONAL COUNCIL FOR DIGITAL INNOVATION AND ENTREPRENEURSHIP

3.     Establishment of the National Council for Digital Innovation and Entrepreneurship.

(1)    There is established the National Council for Digital Innovation and Entrepreneurship(in this Act referred to as “the Council”).

(2)    The Council —

(a)    shall be a body corporate with perpetual succession and a common seal;

(b)    may sue or be sued in its corporate name; and

(c)    may acquire, hold, purchase, mortgage and deal with property, movable or immovable, real or personal.

4.     Membership of the Council.

(1)    The Council shall consist of —

(a)    the President of the Federal Republic of Nigeria, who shall serve as the Chairman;

(b)    the Vice-President of the Federal Republic of Nigeria, who shall serve as the Vice-Chairman;

(c)    the Minister responsible for Communications and Digital Economy, who shall preside over the Council in the absence of the President and the Vice-President;

(d)    the Minister responsible for Finance, Budget and National Planning;

(e)    the Minister responsible for Industry, Trade and Investment;

(f)     the Minister responsible for Science, Technology and Innovation;

(g)    the Governor of the Central Bank of Nigeria(CBN);

(h)    four representatives of the Startup Consultative Forum established under section 12 of this Act;

(i)     one member to represent the Nigeria Computer Society;

(j)     one member to represent the Computer Professionals(Registration Council of Nigeria); and

(k)    the Director-General of the National Information Technology Development Agency, who shall serve, as the Secretary of the Council.

(2)    The supplementary provisions set out in the Schedule to this Act shall have effect with respect to the proceedings of the Council and other matters mentioned in it.

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