Nigerian government approves $268 million to support startups/MSMEs

The real sector has long been regarded as an important part of any economy, a sector that is predominantly driven by micro, small and medium scale (MSMEs) businesses.

Also, considering the growing impact of technology-enabled businesses (startups) in Nigeria,  it makes sense for the government to provide them with support, especially those at the early or mid-stage and for budding innovators.

Encouraging signs were seen last year when the Central Bank of Nigeria (CBN) introduced loans for graduates who are software developers to assist them in the development of their products.

In a sweeping change to Nigeria’s taxing regime, in January 2020,  President Muhammadu Buhari signed the Finance Act into law a move that will exempt early-stage startups, with revenues of ₦25 million annual revenue from pay taxes.


Suggested Read: President Muhammadu Buhari signs Finance Act into law: What it means for the tech ecosystem

Vice President Yemi Osinbajo at the Presidential Enabling Business Environment Council (PEBEC)

During a meeting with the…

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