NIGERIA STARTUP ACT 2022

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NIGERIA STARTUP ACT 2022 [ACT No. 32]

LAWS OF THE FEDERATION OF NIGERIA

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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.

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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.

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

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

ALPHABETICAL INDEX TO THE LAWS OF NIGERIA (UPDATED TO 2018)