View source for Nigeria Executive Approves Startup Bill Set For Parliament

<br>ABUJA, Dec 15 (Reuters) - Nigeria's cabinet on Wednesday approved a bill that seeks to ease regulatory hurdles, offer tax incentives and make it easier for startups to raise capital, paving the way for its transmission to parliament for debate, a government minister said.<br> <br>Africa's biggest economy has the most startups on the continent - more than 1,200 -, according to Briter Bridges Intelligence, a London-based firm that tracks investments into Africa.<br> <br>The companies cite government regulation, weak infrastructure and difficulties accessing capital as major obstacles to success in Nigeria.<br> <br>The Nigeria Startup Bill, which has been in the works since earlier this year, would create a government fund to support startups and tax holidays of up to four years, among other incentives for investors, communications minister Isa Pantami, told a post-cabinet news conference.<br> <br>The bill, which will now head to parliament, is a result of collaboration between the presidency and the private sector, Adaeze Sokan, country director at UK-Nigeria Tech Blog ([https://www.discogs.com/user/FloTechTips www.discogs.com]) Hub, said.<br> <br>"This could serve as a model for policy making in Nigeria," said Sokan, who took part in crafting the bill said.<br> <br>Africa-focused payments startups Flutterwave and Paystack are some of the companies that were founded in [https://www.foxnews.com/search-results/search?q=Nigeria Nigeria] and have grown to offer services beyond the country's borders.<br> <br>Fundraising by African startups stands at $4.8 billion this year, according to data from Briter Bridges Intelligence.<br><br>(Reporting by Felix Onuah and MacDonald Dzirutwe; Editing by David Gregorio)<br>