• Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
    • Government
  • Security
  • Features
  • State
  • Event
    • PR Nigeria Award
  • E-Paper
Search
  • Home
  • About
  • Adverts
  • Contact
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.
PRNIGERIA PRNigeria News
PRNIGERIA PRNIGERIA
  • Home
  • Anti-Corruption
    • ICPC Secures Conviction of Rector for Running Unaccredited Degree Programmes

      Engr Abba Babagana Dalori

      Engr Dalori Forfeits Galaxy Hospital, Petrol Station, Properties & Cash

      Chinese nationals jailed in Lagos

      Court Jails Nine Chinese Nationals for Cybercrime in Lagos

      ASUU

      Tackle Corruption, Institutional Decay – ASUU Charges FG

      EFCC Arraigns Bauchi Accountant General Over N8bn Fraud as Court Sentences…

  • Fact-Check
  • Economy
    • Tinubu Jets to Brazil After Japan Summit, Eyes Trade, Security Deals

      Comptroller-General of Customs, Bashir Adewale Adeniyi (MFR), hosted the Executive Chairman of FIRS, Dr. Zacch Adedeji,

      Customs and the “National Single Window” Project

      FG Earmarks N13bn to Boost Power Infrastructure in Lagos, Ogun

      Centre for Crisis Communication, CCC,

      CCC Reviews Keyamo’s Crisis Management in Aviation Disputes

      NITDA Applauds Tech Giants for Advancing Online Safety in Nigeria

  • National
    • PHOTOS: Finally, President Tinubu Confirms Pedro as NTA DG, Announces Three…

      FG, States, LGs Share N2.001trn for July, Says FAAC

      FG Unveils Personal Income Tax Calculator Under New Reform Laws

      ACF

      ACF Decries Worsening Insecurity in the North

      Saudi Arabia Conducts Life-Saving Cardiac Surgeries in Kano

    • Government
      • FG, States, LGs Share N2.001trn for July, Says FAAC

        FG Unveils Personal Income Tax Calculator Under New Reform Laws

        Saudi Arabia Conducts Life-Saving Cardiac Surgeries in Kano

        FG Subsidises Dialysis Cost to N12,000, Says Northwest Not Excluded

        Ibrahim Yahaya Dandakata of Arewa Economic Forum AEF

        Arewa Economic Forum Alleges Targeted Removal of NTA Chief, Calls for…

  • Security
    • CRUSHING BLOW: other Top Boko Haram commanders neutralized in Bita, Wigo

      DSP Ikenga Tochukwu, PPRO Anamabra State Police Command,

      Police Command Moves to Address Protest Concerns in Anambra

      Nigerian Military Refutes Misinterpretation of CDS Self-Defence Comment

      CDS, General Christopher Musa and Katsina lawmakers, led by Senator Abdulazeez Musa Yar’Adua,

      CDS, Katsina Lawmakers Strategize to Tackle Banditry

      CP Jimoh Moshood

      Lagos Police Intercept Vehicle Loaded with Cannabis

  • Features
    • The Arrest of Ansaru Kingpins Mahmud Muhammad Usman aka Abu Bara’a, and Mahmud al-Nigeri aka Mallam Mamuda

      Ribadu and the fall of Ansaru By Senator Iroegbu

      Fixing the Fault Lines in Nigeria’s Culture of Recognition, By Mukhtar…

      How Desperation Turns Nigerian Job Seekers Into Scam Targets By Tahir…

      Festus Keyamo Aviation Minister

      Rebuilding Trust in Nigeria’s Aviation Through Crisis Communication, By Mukhtar Ya’u…

      President Bola Ahmed Tinubu

      Citizen’s Diary: The message from the South-East to President Tinubu, by…

  • State
    • CRUSHING BLOW: other Top Boko Haram commanders neutralized in Bita, Wigo

      CP Jimoh Moshood

      Lagos Police Intercept Vehicle Loaded with Cannabis

      ACF

      ACF Decries Worsening Insecurity in the North

      Nigerian Navy Personnel

      Navy Hands Over Seized Smuggled Rice, Cannabis to Customs, NDLEA, Rescues…

      Inspector-General of Police Kayode Adeolu Egbetokun

      Police Creates 2 New Area Commands, Upgrades 5 Divisions in Benue…

  • Event
    • President Bola Ahmed Tinubu

      His Death is a National Loss, Tinubu Mourns Emir of Zuru

      Umar Lauya

      Umar Lauya Declares Candidacy for NYCN Presidency, Vows to Unite and…

      The Executive Secretary/CEO of the National Sugar Department Council (NSDC), Mr. Kamar Bakrin (L), with the CEO of Legacy Sugar Company, Alh. Abubakar Isa Musa (R), during the signing ceremony.

      NSDC, New Operators Seal Landmark Development Agreements, to Produce 400,000MT of…

      Regional Vice President Western and Central Africa at the World Bank, Mr Ousmane Diagana pays a courtesy visit to Baze University

      World Bank Vice President visits Baze University, Commends Educational Standards, Assures…

      NIPR President Ike Neliaku and a recently inducted PR professional from Kano

      PHOTOS: NIPR Inducts 80 New PR Professionals in Kano to its…

    • PR Nigeria Award
  • E-Paper
Home National FG Approves Tax Reliefs, Incentives for Start-Ups
  • National

FG Approves Tax Reliefs, Incentives for Start-Ups

By
Emergency Digest
-
May 23, 2022
Prof Isa Pantami, former Minister of Communication and Digital Economy
PProf Isa Pantami, former Minister of Communication and Digital Economy

FG Approves Tax Reliefs, Incentives for Start-Ups

The Federal Executive Council approved a plan to incentivise and further harness Nigeria’s digital innovation and entrepreneurship ecosystem, during its meeting on 18th May, 2022.

This followed the presentation of a memo by the Honourable Minister of Communications and Digital Economy, Professor Isa Ali Ibrahim Pantami.

The approval will enable the implementation of strategies to encourage and support the development and growth of more Innovation-Driven Enterprises (IDEs), which have the potential to create millions of additional jobs in the country. 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 (NDEPS) for a Digital Nigeria.

Read Also:

  • CRUSHING BLOW: other Top Boko Haram commanders neutralized in Bita, Wigo
  • Police Command Moves to Address Protest Concerns in Anambra
  • PHOTOS: Finally, President Tinubu Confirms Pedro as NTA DG, Announces Three Female Executive Directors

A number of the proposed strategies resulted from recommendations that were made at an interactive forum held on 22nd February 2022, where the Honourable Minister led a Federal Government Delegation on a working visit to the Lagos digital innovation ecosystem. The delegation included the Director-General of NITDA, the Executive Vice Chairman of the Nigerian Communications Commission (NCC), the Post Master General and the Managing Director of Galaxy Backbone Plc. The visit provided a useful platform for open and interactive discussions on the ecosystem’s pertinent challenges and interventions required from the government to enable the ecosystem achieve its full potential. The forum was attended by 143 ICT and Startup Companies.
The delegation also paid a visit to 3 selected tech startups, namely: Flutterwave (currently valued at US$3 billion), Treepz (with a current funding of US$3.1 million) and Reliance Health (with US$48.3 million in funding). It is worthy to that under the able administration of His Excellency, President Muhammadu Buhari, GCFR, Nigeria became home to 5 of about 8 Unicorns (startup companies valued at over US$1Billion) on the African Continent.
Furthermore, Nigeria’s startup ecosystem attracted about 35% (estimated at US$1.4Billion) of the over US$4Billion raised by African startups, which is the highest raised by any startup ecosystem on the continent. Most importantly, it has created a significant number of jobs. For instance, Jumia, an indigenous e-Commerce company, provides over 3,000 direct jobs according to Jobberman’s 2020 Digital Sector Report. The report also asserts that the Nigeria’s Digital Economy has the potential to create an average of 1.3million tech-enabled jobs across industries in 5 years (i.e. by 2025).
To further strengthen the ecosystem, the Federal Executive Council approved the following recommendations, in line with the Executive Order 003 and Presidential Order 005:
i. that the Federal Ministry of Finance, Budget and National Planning and the Nigerian Investment Promotion Commission (NIPC) should prioritise the granting of Tax Reliefs and other Incentives such as the Pioneer Status Incentive (PSI) Scheme to the technology and innovation ecosystem;
ii. that the Nigerian Copyright Commission, the Trademarks Registry, and the Patents and Designs Registry should work with the National Information Technology Development Agency (NITDA) in developing an Intellectual Property (IP) framework for the technology and innovation ecosystem within two (2) months; and
iii. that the Bureau of Public Procurement (BPP) should work with NITDA to develop a framework that will ensure the involvement of technology innovation startups in government procurement processes to encourage ideation, innovation and design of solutions to solve development challenges within two (2) months.
The Nigeria Startup Bill (NSB) 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 (NDEPS) emphasises the importance of the innovation and startup ecosystem to the development of an indigenous digital economy. The Ministry will continue to position Nigeria to develop this ecosystem in order to transform Nigeria into a country with a sustainable and thriving digital economy.

Dr Femi Adeluyi
Technical Assistant (Research & Development) to the
Honourable Minister of Communications and Digital Economy
18th May, 2022

VISIT OUR OTHER WEBSITES
PRNigeria.com EconomicConfidential.com PRNigeria.com/Hausa/
EmergencyDigest.com PoliticsDigest.ng TechDigest.ng
HealthDigest.ng SpokesPersonsdigest.com TeensDigest.ng
ArewaAgenda.com Hausa.ArewaAgenda.com YAShuaib.com
  • TAGS
  • FEC
  • Isa Ali Ibrahim Pantami
  • Start ups
  • Tax
Previous articleFG Appoints Acting Accountant General of the Federation
Next articleFRAUD: Acting AGF, Anamekwe Nwabuoku under Probe for Corruption
Emergency Digest
Emergency Digest

RELATED ARTICLESMORE FROM AUTHOR

CRUSHING BLOW: other Top Boko Haram commanders neutralized in Bita, Wigo

PHOTOS: Finally, President Tinubu Confirms Pedro as NTA DG, Announces Three Female Executive Directors

Nigerian Military Refutes Misinterpretation of CDS Self-Defence Comment

FG, States, LGs Share N2.001trn for July, Says FAAC

FG Unveils Personal Income Tax Calculator Under New Reform Laws

ACF

ACF Decries Worsening Insecurity in the North

Anambra Police Nab Suspected Vandals, Recover Transformer Parts, High-Tension Cables

Tinubu Jets to Brazil After Japan Summit, Eyes Trade, Security Deals

Saudi Arabia Conducts Life-Saving Cardiac Surgeries in Kano

Chief of Defence Staff (CDS), Gen. Christopher Musa

CDS Musa Charges Citizens to Learn Combat Skills for Self-Defence

Counter-Terrorism: ​MNJTF, OPHK Commanders Assess Lake Chad Operations

IGP Kayode Egbetokun Police Boss

Police Partner Experts on Internal Security as IG Inspects Intelligence Facilities in Abuja

Recent Posts

  • CRUSHING BLOW: other Top Boko Haram commanders neutralized in Bita, Wigo
  • Police Command Moves to Address Protest Concerns in Anambra
  • PHOTOS: Finally, President Tinubu Confirms Pedro as NTA DG, Announces Three Female Executive Directors
  • Nigerian Military Refutes Misinterpretation of CDS Self-Defence Comment
  • CDS, Katsina Lawmakers Strategize to Tackle Banditry
  • Home
  • About
  • Adverts
  • Contact
© 2020 PRNigeria. All Rights Reserved.
Latest News
CRUSHING BLOW: other Top Boko Haram commanders neutralized in Bita, WigoPolice Command Moves to Address Protest Concerns in AnambraPHOTOS: Finally, President Tinubu Confirms Pedro as NTA DG, Announces Three Female Executive DirectorsNigerian Military Refutes Misinterpretation of CDS Self-Defence CommentCDS, Katsina Lawmakers Strategize to Tackle BanditryFG, States, LGs Share N2.001trn for July, Says FAACLagos Police Intercept Vehicle Loaded with CannabisFG Unveils Personal Income Tax Calculator Under New Reform LawsACF Decries Worsening Insecurity in the NorthNavy Hands Over Seized Smuggled Rice, Cannabis to Customs, NDLEA, Rescues Trafficking VictimsPolice Creates 2 New Area Commands, Upgrades 5 Divisions in Benue to Boost SecurityAnambra Police Nab Suspected Vandals, Recover Transformer Parts, High-Tension CablesTinubu Jets to Brazil After Japan Summit, Eyes Trade, Security DealsTroops Eliminate 2 Top ISWAP Commanders, Others in BornoSaudi Arabia Conducts Life-Saving Cardiac Surgeries in Kano
X whatsapp