Section 42 Nigeria Startup Act

Section 42 Nigeria Startup Act 2022 is about Establishment of Technology Development Zones. It is under Part X (Clusters, Hubs, Innovation Parks and Technology Development Zones) of the Act.

(1) The Secretariat shall collaborate with the Nigeria Export Processing Zones Authority to establish a Technology Development Zone (in this Act referred to as “the Zone”) in Nigeria to spur the growth and development of startups, accelerators and incubators.

(2) The Zone shall grant licence to any startup, accelerator or incubator prior to the commencement of an approved activity.

(3) A startup, accelerator or incubator, carrying out an approved activity in a Zone shall be entitled to existing incentives provided under the Nigeria Export Processing Zones Act.