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

An Act to establish a Nigeria Startup Investment Fund (NSIF) to be administered jointly by the Bank of Industry and the National Information Technology Development Agency. The Fund shall provide debt and equity financing to qualifying indigenous technology companies registered under the Companies and Allied Matters Act and the Nigeria Startup Act 2022. Eligibility shall be limited to companies where at least 51 percent of equity is held by Nigerian citizens.

25 percent levy on profits of telecommunications operators with annual revenues above N50bn, (b) appropriations by the National Assembly, and (c) returns on the Fund's own investments. The Fund shall publish annual impact reports to be laid before both chambers of the National Assembly...