Benue State Startup Act to Boost Innovation and Investment

On Sunday, Dr. Raymond Asemakaha, the Group Managing Director of Benue Investment and Property Company Limited (BIPC), announced the passage of the Benue State Startup Act, which he sponsored. This legislation is designed to position Benue State as a destination for innovation, entrepreneurship, and investment.

The Act aligns with Nigeria’s Startup Act 2022 and includes provisions for tax relief, incubation infrastructure, access to funding, and improved ease of doing business. Asemakaha stated that the law aims to tackle youth unemployment by enabling young people to transform innovative ideas into sustainable businesses.

It is expected to attract Angel Investors, Venture Capitalists, and Private Equity investors to the state. The Act also proposes the establishment of innovation and incubation hubs, including facilities at the Galleria Centre in Makurdi, and a Benue Startup Fund to support early-stage businesses.

Implementation will commence with the development of a startup portal and the establishment of innovation hubs.