Section 2: Venture projects.

For the purposes of enjoying the incentives specified in this Act, the Federal Inland Revenue Service shall certify that a venture capital project fulfils or is capable of fulfilling one or more of the objectives set out in this Act, that is-(a) the acceleration of industrialisation by nurturing innovative ideas, projects and techniques to fruition; or
(b) the commercialisation of research findings with high potential for far reaching forward or backward linkages; or
(c) the promotion of self-reliance through the establishment of resource-based and strategic industries through the provision of risk guarantee and insurance; or
(d) the encouragement of indigenous processes and technologies; or
(e) the promotion of the growth of small and medium scale enterprises with emphasis on local raw materials development and utilisation; or
(f) such other objectives as may, from time to time, be specified by the Federal Inland Revenue Service.