• Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
    • Government
  • Security
  • Features
  • State
  • Event
Sign in
Welcome!Log into your account
Forgot your password?
Password recovery
Recover your password
Search
  • Home
  • About
  • Adverts
  • Contact
  • AMP
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
    • Nigeria Needs to Improve Negotiations to Curb IFFs – ICPC

      Illicit Monies out of Africa Outweigh Development Grants into Continent –…

      JUST IN: EFCC Football Team Lifts FCT Cup

      Mohammed Adoke

      Malabu: How Courts Vindicated on OPL 245- Adoke, Former Justice Minister

      EXPOSED: EFCC Seizes University, Factory, Hotels Linked to the Director of…

  • Fact-Check
  • Economy
    • DG NITDA, Mallam Kashifu Inuwa Abdullahi

      After NITDA’s Codes for Social Media Platforms, US Govt Inaugurates Task…

      court Judiciary

      Court Stops FG from taking further actions on disputed e-Customs Concession…

      FCTA Plans to Recover N29bn Ground Rents from Abuja Property Owners

      Mohammed Adoke

      Malabu: How Courts Vindicated on OPL 245- Adoke, Former Justice Minister

      Qatar, Inuwa Foundations Donate Motorcycles, Sewing Machines, Laptops to 500 People…

  • National
    • NITDA’s ‘Code of Practice’ ‘ll Tackle Merchants of Fake News, Hate…

      Acquire Vocational Skills for Self-Sustenance, NYSC DG to Corpers

      Stranded Nigerian Medical Student in Russia Gets Ex-Sokoto Governor, Sen. Wamakko’s…

      Insecurity: NYSC DG in Ekiti, Debriefs Corps Members Ahead of Guber…

      A Timely ‘Code of Practice for Online Platforms in Nigeria

    • Government
      • How We’re Boosting Productivity in Civil Service – HoS, Yemi-Esan

        Thousands Attend Juma’at Service at National Mosque as ‘Civil Service Week’…

        Why Public Procurement Act Must be Complied With – HoS, Yemi-Esan

        VIRAL VIDEO: ‘Yahaya Bello not Owing any Worker, Nothing Wrong in…

        How SERVICOM Elevated NYSC to a 4-Star Organisation – DG Gen….

  • Security
    • Police Trains PPROs on Tackling Misinformation, Disinformation

      17,647 Drug Offenders, 10 Barons Arrested, 2,369 Jailed in 17 months…

      NDLEA Arrests Drug Baron in Adamawa, Intercepts Consignments in Lagos

      Military Generals at the event

      Insecurity and Clarion Call to Retiring Military Personnel

      PSC Rates Police Performance in Ekiti Election

  • Features
    • ONDI: Refining Local Content for Powering Nigeria’s Innovation Revolution

      How We’re Boosting Productivity in Civil Service – HoS, Yemi-Esan

      Governor of Kogi State, Alhaji Yahaya Bello o

      Yahaya Bello’s Victory in the Race of Guts By Abdullahi O….

      General Lucky Irabor

      2023 and National Security: A Defence Chief’s Note to Politicians

      DG NITDA, Mallam Kashifu Inuwa Abdullahi

      NITDA’s ‘Code of Practice for Online Platforms’ and National Security

  • State
    • Stranded Nigerian Medical Student in Russia Gets Ex-Sokoto Governor, Sen. Wamakko’s…

      Qatar, Inuwa Foundations Bankroll Eye Surgery, Distribute Medicated Glasses to 486…

      VIRAL VIDEO: ‘Yahaya Bello not Owing any Worker, Nothing Wrong in…

      Professor Zulum Borno Governor

      2023: Why I Won’t accept offer to become VP – Gov…

      Soludo Vows to Fish out Killers of Northern Woman, Children in…

  • Event
    • Female Journalists Unveil Book on Yahaya Bello at 47th Birthday Celebration

      Sen. Na’Allah, UNIJos VC Unveil Book on ‘Zuru People of Northwest…

      NSCDC

      NSCDC Deploys 9,747 Personnel For Ekiti Guber Poll

      How Sheikh Agaka’s Family Imparted Islamic Knowledge on my Family —…

      How CCC, NITDA, NDLEA, Bagged 2022 African PR Awards in Tanzania

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, Minister of Communication nad Digital Economy
Prof Isa Pantami, Minister of Communication nad 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.

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

sspdf news today

Kidnapped School Children

Yauri FGC Students, Kebbi
368 days 20 hours 32 seconds,

Baptist School Students, Kaduna
350 days 21 hours 41 minutes 57 seconds

Tegina Islamiya Pupils, Niger (Freed)
Spent 88 days from May 30, 2021 - August 26, 2021


Report By: PRNigeria.com

 
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

RELATED ARTICLESMORE FROM AUTHOR

How Military Commander, Gen Uba Built Toilets to Avert Disease at Cross Kauwa

Nigeria Needs to Improve Negotiations to Curb IFFs – ICPC

Police Trains PPROs on Tackling Misinformation, Disinformation

ONDI: Refining Local Content for Powering Nigeria’s Innovation Revolution

NITDA’s ‘Code of Practice’ ‘ll Tackle Merchants of Fake News, Hate Speech – NADIR

Late Imam Agaka: Army Spokesperson Visits PRNigeria Publisher, Police IG Offers Condolence

17,647 Drug Offenders, 10 Barons Arrested, 2,369 Jailed in 17 months – Marwa

Acquire Vocational Skills for Self-Sustenance, NYSC DG to Corpers

NDLEA Arrests Drug Baron in Adamawa, Intercepts Consignments in Lagos

Military Generals at the event

Insecurity and Clarion Call to Retiring Military Personnel

Female Journalists Unveil Book on Yahaya Bello at 47th Birthday Celebration

Sen. Na’Allah, UNIJos VC Unveil Book on ‘Zuru People of Northwest Nigeria’

Recent Posts

  • How Military Commander, Gen Uba Built Toilets to Avert Disease at Cross Kauwa
  • Nigeria Needs to Improve Negotiations to Curb IFFs – ICPC
  • Police Trains PPROs on Tackling Misinformation, Disinformation
  • ONDI: Refining Local Content for Powering Nigeria’s Innovation Revolution
  • NITDA’s ‘Code of Practice’ ‘ll Tackle Merchants of Fake News, Hate Speech – NADIR

Kidnapped School Children

Yauri FGC Students, Kebbi
368 days 20 hours 32 seconds,



Baptist School Students, Kaduna
350 days 21 hours 41 minutes 57 seconds

Report By: PRNigeria.com

Book on Sales: Boko Haram Media War: An Encounter with the Spymaster

boko haram

Click Here:To Order Now!

  • Home
  • About
  • Adverts
  • Contact
  • AMP
© 2020 PRNigeria. All Rights Reserved.