From Uche Nnorom, Makurdi
The froup Managing Director of Benue Investment and Property Company Limited (BIPC), Dr. Raymond Asemakaha, has lauded the passage of the Benue State Startup Act as a major milestone toward positioning the state as a hub for innovation, entrepreneurship, and investment.
The legislation, sponsored by Dr. Asemakaha as a dedicated legal framework, aims to nurture young entrepreneurs, support technology-enabled businesses, and unlock youth-led enterprise and wealth creation across Benue State.
Aligning with Nigeria’s federal Startup Act 2022, the state-level law establishes a comprehensive framework to assist early-stage ventures through pioneer tax relief, waivers on business premises and signage fees, access to funding, and streamlined regulatory processes to improve the ease of doing business.
According to Dr. Asemakaha, the Act directly addresses youth unemployment by helping young people transform innovative ideas into viable enterprises.
“This Act is our commitment to the young people of Benue
“We are telling them: bring your ideas, and Benue will give you the platform to build, to grow, and to create wealth.
“This is how we tackle unemployment, particularly among the thousands of graduates coming out of our tertiary institutions every year,” he stated.
The BIPC boss noted that the law is designed to build a supportive ecosystem capable of attracting Angel Investors, Venture Capitalists, Private Equity firms, and Fund Managers to the state. It also promotes technology adoption, research and development, intellectual property protection, and startup acceleration.
Key provisions of the legislation include: Infrastructure support- the establishment of dedicated innovation and incubation hubs, including proposed facilities at the Galleria Centre in Makurdi to provide infrastructure and mentorship.
“The creation of a dedicated Benue Startup Fund alongside targeted policies to attract private capital to early-stage, youth-led businesses.
“A single-window portal designed to simplify startup registration and compliance, reducing bureaucratic bottlenecks for new ventures.
“ Priority consideration for registered startups in relevant state government procurement opportunities, providing a direct market for locally developed products and services,” he stated.
Dr. Asemakaha emphasized that the initiative aligns with the broader economic development agenda of Governor Hyacinth Iormem Alia, which focuses on creating an environment where youth transition from job seekers into employers of labour.
“Implementation of the Act is expected to begin shortly with the rollout of the Startup Portal for registration and the setup of the initial incubation hubs.
“Young entrepreneurs and technology-driven businesses across Benue are encouraged to prepare for registration to leverage the statutory incentives, funding channels, and operational support provided under the new law,” he stressed.
Never miss a moment! Get the stories shaping Nigeria, delivered straight to your phone. Follow Peoplesdaily Newspaper on WhatsApp for breaking news, exclusive reports, and the headlines everyone will be talking about, before anyone else.
