Nigeria Startup Act 2022

The Nigeria Startup Act, 2022 is 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

Part I — Objectives and Application of the Act

Section 1 Nigeria Startup Act 2022 – Objectives.

Section 2 Nigeria Startup Act 2022 – Application.

Part II — Establishment of the National Council for Digital Innovation and Entrepreneurship

Section 3 Nigeria Startup Act 2022 – Establishment of the National Council for Digital Innovation and
Entrepreneurship.

Section 4 Nigeria Startup Act 2022 – Membership of the Council.

Section 5 Nigeria Startup Act 2022 – Tenure of office of members of the Council.

Section 6 Nigeria Startup Act 2022 – Cessation of membership.

Section 7 Nigeria Startup Act 2022 – Functions and powers of the Council.

Section 8 Nigeria Startup Act 2022 – Council agent.

Part III — Operational Structure of the Council

Section 9 Nigeria Startup Act 2022 – Secretariat of the Council.

Section 10 Nigeria Startup Act 2022 – Startup Support and Engagement Portal.

Section 11 Nigeria Startup Act 2022 – Appointment of a Coordinator of the Startup Portal.

Section 12 Nigeria Startup Act 2022 – Startup Consultative Forum.

Part IV — Startup Labelling Process

Section 13 Nigeria Startup Act 2022 – Eligibility for grant of a startup label.

Section 14 Nigeria Startup Act 2022 – Procedure for labelling a startup.

Section 15 Nigeria Startup Act 2022 – Issuance of a labelling certificate.

Section 16 Nigeria Startup Act 2022 – Obligations of labelled startup.

Section 17 Nigeria Startup Act 2022 – Withdrawal of startup label.

Section 18 Nigeria Startup Act 2022 – Reissuance of startup label.

Part V — Startup Investment Seed Fund

Section 19 Nigeria Startup Act 2022 – Establishment of Startup Investment Seed Fund.

Section 20 Nigeria Startup Act 2022 – Functions of the Fund Manager.

Part VI — Training, Capacity Building and Talent Development

Section 21 Nigeria Startup Act 2022 – Training and capacity building.

Section 22 Nigeria Startup Act 2022 – Talent development.

Section 23 Nigeria Startup Act 2022 – Support of academic research institutions.

Part VII — Tax and Fiscal Incentives

Section 24 Nigeria Startup Act 2022 – Incentives for a labelled startup under the Pioneer Status Incentive
Scheme.

Section 25 Nigeria Startup Act 2022 – Additional tax reliefs.

Section 26 Nigeria Startup Act 2022 – Access to export facilities.

Section 27 Nigeria Startup Act 2022 – Access to government grants, loans and facilities.

Section 28 Nigeria Startup Act 2022 – Credit Guarantee Scheme.

Section 29 Nigeria Startup Act 2022 – Incentives and reliefs for investors investing in a labelled startup.

Part VIII — Collaboration with Regulators

Section 30 Nigeria Startup Act 2022 – Collaboration with the Corporate Affairs Commission.

Section 31 Nigeria Startup Act 2022 – Protection of intellectual property rights.

Section 32 Nigeria Startup Act 2022 – Crowdfunding.

Section 33 Nigeria Startup Act 2022 – Transfer of foreign technology.

Section 34 Nigeria Startup Act 2022 – Obtaining licences for a financial technology startup.

Section 35 Nigeria Startup Act 2022 – Participation of a labelled startup in regulatory sandboxes.

Section 36 Nigeria Startup Act 2022 – Listing of startups on exchanges.

Section 37 Nigeria Startup Act 2022 – Repatriation of capital and profits.

Part IX — Accelerators and Incubators

Section 38 Nigeria Startup Act 2022 – Accelerator and incubator programmes.

Section 39 Nigeria Startup Act 2022 – Incentives for accelerators and incubators.

Part X — Clusters, Hubs, Innovation Parks and Technology Development Zones

Section 40 Nigeria Startup Act 2022 – Establishment of clusters, hubs and innovation parks.

Section 41 Nigeria Startup Act 2022 – Functions of the clusters, hubs and innovation parks.

Section 42 Nigeria Startup Act 2022 – Establishment of Technology Development Zones.

Part X — Miscellaneous Provisions

Section 43 Nigeria Startup Act 2022 – Data protection.

Section 44 Nigeria Startup Act 2022 – Power of the President to give directives of general character.

Section 45 Nigeria Startup Act 2022 – Power to make regulations or guidelines.

Section 46 Nigeria Startup Act 2022 – Pre-action Notice.

Section 47 Nigeria Startup Act 2022 – Interpretation.

Section 48 Nigeria Startup Act 2022 – Citation.