Nigerian president signs new law to promote tech-based startups

President Muhammadu Buhari
President Muhammadu Buhari

Nigerian President Muhammadu Buhari on Wednesday signed into law an executive bill aimed at promoting tech-based startups in the country, an official said.

The Nigeria Start-up Act, signed by Buhari, will bring about enormous benefits for the Nigerian economy while aiding start-ups to wade through the initial challenges of businesses, including granting tax holidays, Minister of Communications and Digital Economy Isa Pantami told reporters at a press briefing in Abuja, the country’s capital.

Pantami said the new legislation would further provide for eligible start-ups in Nigeria, Africa’s largest economy, to have an access to a fund totaling more than 22.9 million dollars provided by the government to aid new businesses.

The information communication technology sector in Nigeria has contributed 18.42 percent to the country’s gross domestic product so far this year, the official added. Enditem

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