Benue Startup Act: New Hope for Youths, Innovation and Investment

From Dooshima Terkura, Makurdi

The Group Managing Director (GMD) of Benue Investment and Property Company Limited (BIPC), Dr.

Raymond Asemakaha, has described the passage of the Benue State Startup Act as a major step towards positioning the state as a destination for innovation, entrepreneurship and investment.
The Startup Act, sponsored by Asemakaha, provides a dedicated legal framework for nurturing startups, promoting innovation and unlocking youth-led enterprise and wealth creation across Benue.
The legislation, which aligns with Nigeria’s Startup Act 2022, establishes a state-level framework to support young entrepreneurs, technology-enabled businesses and innovators through tax incentives, incubation infrastructure, access to funding and improved ease of doing business.
Asemakaha said the Act was 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 every year.”
He said the new law would create an ecosystem capable of attracting Angel Investors, Venture Capitalists, Private Equity investors, Fund Managers and other sources of capital into the state.
According to him, the legislation would also promote technology adoption, research and development, intellectual property protection, startup incubation and acceleration, 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 innovation and incubation hubs, including proposed facilities at the Galleria Centre in Makurdi, where young entrepreneurs 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, 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 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 entrepreneurs, 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.