SB.142·Senate·introduced 12 Feb 2026·last action 2 months ago
A Bill for an Act to Establish the Nigeria Startup Investment Fund for the Provision of Patient Capital to Indigenous Technology Companies, and for Related Matters
Second readingYouth & SportsTrade & IndustryTechnology & DigitalTax & RevenueTransport & InfrastructureFinance & Banking
Progress through legislature38%
Overview
Creates a federally-backed N100bn fund to provide low-interest, long-tenor financing to Nigerian-owned technology startups.
- Chamber
- Senate
- Current stage
- Second reading
- Introduced
- 12 Feb 2026
- Last action
- 4 Mar 2026
Plain English
A non-partisan summary generated by AI and reviewed by editors for sensitive bills.
AI-generated · human-reviewed
The Nigeria Startup Investment Fund will help Nigerian technology companies grow by giving them money to use for a long time at a low interest rate.
In plain English
The Nigeria Startup Investment Fund is a new fund that will provide money to Nigerian technology companies. The fund will be managed by the Bank of Industry and the National Information Technology Development Agency. It will give loans and investments to companies that are at least 51% owned by Nigerians. The fund will have at least N100 billion and will get its money from a small fee on big telecommunications companies, money given by the National Assembly, and the returns on its own investments. Every year, the fund will write a report about how it is doing and give it to the National Assembly.
How it affects you
- If you own a Nigerian technology company, you might be able to get money from this fund to help your business grow.
- If you work for a telecommunications company, your company might have to pay a small fee to support this fund.
- If you are a Nigerian citizen, this fund might help create more jobs and opportunities for you in the technology industry.
Arguments for
- The fund will help Nigerian technology companies grow and create more jobs.
- It will provide a new source of money for companies that might not be able to get loans from traditional banks.
- It will help Nigeria become more competitive in the technology industry.
Arguments against
- The fund might not be able to make good investments and could lose money.
- The small fee on big telecommunications companies might be passed on to their customers.
- There is no guarantee that the fund will actually help create more jobs and opportunities for Nigerians.
Jargon buster
- Equity
- Ownership or shares in a company.
- Tenor
- The length of time that a loan is given for.
- Levy
- A small fee or tax that is charged on something.
Sources used to generate this explainer
Spotted an inaccuracy? Tell us. Every flag is reviewed by a human editor.
Timeline
- Introduced12 Feb 2026
Read for the first time on the floor of the Senate.
- First reading12 Feb 2026
- Second reading4 Mar 2026current
Debate concluded; referred to Senate Committee on ICT & Cybersecurity.
Sponsors
- Opeyemi BamidelePrimaryAPC · Ekiti Central
- Ireti Heebah KingibeCo-sponsorLP · FCT
Documents
Lectio Plena
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