Vice-President Yemi Osinbajo has stated that the Federal Government is including technology start-ups in the list of businesses eligible for tax holidays.
The VP revealed this in Lagos while launching Vibranium Valley, a hub for technology and innovation start-ups described as the largest in sub-Saharan Africa.
The Vice President said Vibranium Valley, established by Venture Garden Group, could become Nigeria’s next innovation cluster housing tech firms devoted to talent, data, and entrepreneurship.
Vibranium Valley, located within the expansive grounds of the former Concord Newspaper Headquarters in Ikeja, consists of “world-class office spaces” fully furnished to meet the needs of up to 50 tech start-ups.
According to the firm’s Chief Executive Officer (CEO) Bunmi Akinyemiju and its Executive Director Kunmi Demuren, the “Campus” already houses “over 20 tech-driven companies.”
The Vice President, who delivered a keynote address on The role of technology and entrepreneurship in nation building, praised tech innovators for providing “technology-driven solutions to some of the most difficult development problems confronting us today.”
“Vibranium Valley, similar to Yaba, could be the next innovation cluster where mature tech companies can be housed, to drive the industrial revolution, and exports of ‘innovation’ for the country.
The hubs include the Northeast humanitarian technology hub in Yola, Adamawa State, which specializes in innovation for victims of the conflict. The South-south innovation hub in Benin, Edo State, and the climate change technology hub to be launched at the Pan African University, Lagos.