FG to Open Startup Portal For Small Businesses to Get Funding and Support

In line with the Startup Act which was recently signed by the President, the Federal Government will soon open a startup portal for small businesses where they can access funding and get other support.

The startup portal will also facilitate how licenses will be issued to small businesses in order to be classified as startups. 

In addition, the Startup Portal will provide a seamless platform for small businesses to interact with the necessary government agencies, private institutions, angel investors, incubators, venture capitalists, and accelerators among other relevant segments or institutions that are critical to the development of small businesses.

Interestingly, the portal will also have business advancement programmes, showcases, fellowships and pitching competitions.

Investors King had earlier reported that President Muhammadu Buhari signed the Startup Bill into law earlier this month following the national assembly approval.

According to the Act, Nigeria startups will officially have access to a special seed fund which will be created and monitored by the government, in partnership with the private sector. 

With several funding programs such as Credit Guarantee Scheme and Startup Investment Seed Fund, the Act aims to create an enabling environment for small businesses in Nigeria, particularly tech-based startups.

Furthermore, the bill sought the creation of a National Council for Digital Innovation and Entrepreneurship (NCDIE) which will have the Nigerian President as Chairman, the Vice President as the Alternate Chairman while the Minister for Communication and Digital Economy will serve as the Vice Chairman of the Council.

In addition, membership of NCDIE will be drawn from both the government, private sector as well as academia. 

According to the Ministry of Communication and Digital Economy, Prof Isa Pantami, the Startup Act 2022 is the right thing to do to help the numerous startups springing up from Nigeria. 

The minister noted that Nigerian startups have continued to lead the startup ecosystem in Africa both in terms of numbers and funding. 

Pantami concluded that the Startup Act was carefully drafted with the input of young inventors across the six geopolitical zones of the country.