By Uche Nnorom, Makurdi
The Group Managing Director of Benue Investment and Property Company Limited (BIPC), Dr. Raymond Asemakaha, has described the domestication of the Benue State Startup Act as a major step towards promoting innovation, entrepreneurship and investment in the state.
Asemakaha said the legislation, which he sponsored, would provide a legal framework for supporting startups, encouraging innovation and creating opportunities for youth-led businesses and wealth creation.
He said the Act, which aligns with the Nigeria Startup Act 2022, would support young entrepreneurs and technology-enabled businesses through incentives, incubation infrastructure, access to funding and improved ease of doing business.
According to him, the law is also aimed at addressing youth unemployment by helping young people turn innovative ideas into sustainable businesses.
“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 said.
Asemakaha said the law would help attract Angel Investors, Venture Capitalists, Private Equity investors, Fund Managers and other sources of capital to the state.
He added that it would promote technology adoption, research and development, intellectual property protection, startup incubation and acceleration, as well as access to grants and investment opportunities.
Key provisions of the Act include pioneer tax relief and waivers on business premises and signage fees for eligible registered startups.
The law also provides for innovation and incubation hubs, including proposed facilities at the Galleria Centre in Makurdi, where entrepreneurs and innovators can access infrastructure and business support.
It further establishes a Benue Startup Fund and introduces a single-window portal to simplify startup registration and regulatory compliance while reducing bureaucratic bottlenecks.
Asemakaha said registered startups would also receive priority consideration in relevant state government procurement opportunities, potentially creating markets for locally developed products and services.
He said implementation would begin with the development of the Startup Portal and establishment of the first set of innovation and incubation hubs.
“With this law, Benue is open for innovation. We are creating an environment where the next generation can thrive, innovations can emerge across all sectors, and companies will be born in Benue and for Benue,” he said.
The BIPC boss said the initiative was in line with the development agenda of Gov. Hyacinth Alia and would provide young people with opportunities to become employers of labour and creators of wealth.
He encouraged young entrepreneurs, innovators and technology-enabled businesses across the state to prepare for registration under the new framework to access the incentives, funding opportunities, incubation support and other benefits provided by the law.
Asemakaha expressed optimism that the domestication of the Startup Act would strengthen Benue’s emerging startup ecosystem, attract private capital and create a more supportive environment for youth-led businesses and innovation.
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