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Why Federal Government approves tax relief for tech startups

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The Federal Government of Nigeria has approved tax reliefs for tech startups to enable the implementation of strategies to encourage and support the development and growth of more Innovation-Driven Enterprises.

The Minister of Communications and Digital Economy, Isa Ali Pantami, said this in a statement Sunday by his technical assistant, Femi Adeluyi.

Pantami also said the tax reliefs and incentives would help to create millions of jobs in the country.

He said a number of the proposed strategies resulted from recommendations that were made at an interactive forum held on 22nd February 2022, where the Minister led a Federal Government delegation on a working visit to the Lagos digital innovation ecosystem.

“This will also help to develop innovative solutions to societal problems, and rapidly grow, as well as diversify the Nigerian economy, in line with the National Digital Economy Policy and Strategy for a digital Nigeria,” the statement read.

“Nigeria’s startup ecosystem attracted about 35 percent (estimated at $1.4billion) of the over $4billion raised by African startups, which is the highest raised by any startup ecosystem on the continent.

“The Nigeria Startup Bill was earlier approved by the Federal Executive Council and forwarded to the National Assembly and the process is about 90% complete.

“The approval of the incentives at the council will consolidate the gains recorded for far in the NSB process.

“The implementation of the National Digital Economy Policy and Strategy emphasises the importance of the innovation and startup ecosystem to the development of an indigenous digital economy.”

The minister said the government would continue to position Nigeria to develop the tech ecosystem to transform Nigeria into a country with a sustainable and thriving digital economy.

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