Nigerian government startups MSMEs:
President Muhammadu Buhari has signed the Finance Act into law, a move that will exempt startups, with revenues of ₦25 million yearly revenue from paid taxes. In a recent meeting with the Presidential Enabling Business Environment Council (PEBEC), Osinbajo announced a $20 million technology fund for upcoming innovators, approved by the Bank of Industry (BoI).
The Vice President also announced that the Central Bank of Nigeria (CBN), is providing a ₦90 billion soft loan facility for small scale agricultural enterprises. According to him, even if MSMEs are little in units, once united, they account for 50% of Nigeria’s GDP, which is why all kinds of support, including finance, fast product registration, and certification is very key.
Even if this is a commendable initiative, Nigeria’s disbursement of public funds has been far from encouraging.