The New Law Provides Tax Relief, Incubation Hubs, Angel Investors private equity to attract Investors to Benue State.
The Group Managing Director of Benue Investment and Property Company Limited BIPC, Dr. Raymond Asemakaha, CFA, has described the passage of the Benue State Startup Act, as a major step towards positioning Benue as a destination for innovation,Enterprises investment & Startups.
The Startup Act is sponsored by the Group Managing Director of BIPC, Dr. Raymond Asemakaha CFA as a dedicated legal framework aimed at nurturing startups, promoting innovation and unlocking youth-led enterprise and wealth creation across the Benue Economy.
The legislation, which aligns with Nigeria’s Startup Act 2022, provides a state-level framework for supporting young entrepreneurs, technology-enabled businesses and innovators through tax incentives, incubation infrastructure, access to funding and improved ease of doing business.
According to him, the Act is designed to tackle youth unemployment by creating opportunities for young people to transform 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 as unex shows 15,802 in 2024 and 16,200 in 2025.
Asemakaha said the new law would create an ecosystem capable of attracting Angel Investors, Venture Capitalists, Private Equity investors, Fund Managers,incubation, early stage Startup and other sources of capital into the state.
He added that the legislation would also promote technology adoption, research and development, intellectual property protection, startup incubation and accelerators as well as access to grants and investment opportunities.
Among the major provisions of the Benue State Startup Act are pioneer tax relief and waivers on business premises and signage fees for eligible registered startups in the state.
The law also provides for the establishment of Council for innovation,Digital & Startups which will be domicile at the proposed facilities at the Galleria innovation Challenge Centre in Makurdi,where and innovators can access infrastructure and support to develop their businesses.
Another key provision is the creation of a Benue Startup Fund and policies designed to attract investors to finance innovative ideas and early-stage businesses established by young people in the state.
The Act further introduces a single-window portal to simplify startup registration and regulatory compliance, thereby reducing bureaucratic bottlenecks and improving the ease of doing business.
Registered startups are also expected to receive priority consideration in relevant state government procurement opportunities, creating a potential market for locally developed products and services.
The framework recognises the importance of Angel Investors, Venture Capitalists, Private Equity, private share investments, technology enablers, early-stage incubation, intellectual property, accelerators, research and development institutions, grants and fund managers in building a sustainable startup ecosystem.
Dr. Asemakaha said the initiative was consistent with the development agenda of Governor Hyacinth Iormem Alia, which seeks to create an enabling environment for innovation, enterprise and investment.
“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.
He said the law would provide a platform for young people to move beyond seeking employment to becoming employers of labour and creators of wealth.
The GMD noted that the implementation of the law is expected to begin with the development of a Startup Portal for registration and the establishment of the first set of innovation and incubation hubs.
”Young entepreneurs, innovators and technology-enabled businesses across Benue are encouraged to prepare for registration under the new framework so they can access the incentives, funding opportunities, incubation support and other benefits provided by the law,” the GMD added.
The domestication of the Startup Act is expected to strengthen Benue’s emerging startup ecosystem, attract private capital and create a more supportive environment for youth-led businesses and innovation across the state
Startups can now access funding at Nigeria sovereign investment authority NSIA and Japan corporate Agency JICA
Remember the future currency is your Skill enable
BDIC COMMENDS PASSAGE OF BENUE STATE STARTUP LAW, APPLAUDS GOVERNOR ALIA’S DIGITAL TRANSFORMATION DRIVE
The Benue Digital Infrastructure Company Plc (BDIC) commends the Benue State House of Assembly for the successful passage of the Bill domesticating the Nigeria Startup Act, 2022 in Benue State.
BDIC specially appreciates the Executive Governor of Benue State, His Excellency, Rev. Fr. Dr. Hyacinth Iormem Alia, for his determination, political will and sustained commitment to advancing the State’s digital transformation agenda.
The passage of the Startup Law is a major milestone that will strengthen innovation and entrepreneurship, support talent development, improve access to funding and incentives, attract technology investment and create greater opportunities for Benue youth.
BDIC also acknowledges the leadership of the Speaker, Rt. Hon. Berger Alfred Emberga MNIQS, RQS, members of the House, and the Chairman, House Standing Committee on ICT, Hon. Kennedy Angbo, for their commitment to providing the legislative framework required to grow Benue’s technology and startup ecosystem.
The law places Benue State firmly on the national technology and startup development ladder, while creating a stronger environment for collaboration among government, startups, universities, investors, development partners and the private sector.
The GMD/CEO of BDIC, Gbande Hembaor Terwase, ACPN, CDPO, expressed profound appreciation to Governor Alia for the opportunity and confidence given to him to contribute towards driving the digital infrastructure development agenda of the Benue State Government
BDIC remains fully prepared to work as one team with the State Government, the House of Assembly, relevant MDAs, innovators, entrepreneurs and development partners to translate the objectives of the Startup Law into measurable economic opportunities, jobs, investments and sustainable digital development.
Together, we can position Benue State as one of Nigeria’s leading destinations for technology, innovation, digital infrastructure and startup investment.
