Section 19 Nigeria Startup Act

Section 19 Nigeria Startup Act 2022 is about Establishment of Startup Investment Seed Fund. It is under Part V (Startup Investment Seed Fund) of the Act.

(1) There is established the Startup Investment Seed Fund (in this Act referred to as “the Fund”) to be managed by the Nigeria Sovereign Investment Authority (in this Act referred to as “the Fund Manager”).

(2) There shall be paid into the Fund on an annual basis, a sum not less than N10,000,000,000 from sources to be approved by the Council —

(3) The Fund shall be applied to —
(a) provide a labelled startup with finance ;
(b) provide early-stage finance for labelled startups on the recommendation of the Fund Manager subject to the approval of the Council ; and
(c) provide relief to technology laboratories, accelerators, incubators and hubs.