New law offers tax relief, funding, incubation hubs, investor opportunities
By Queen Kunde
Benue State has taken a major step to boost youth entrepreneurship and innovation with the domestication of the Benue State Startup Act.
The law, sponsored by the Group Managing Director of Benue Investment and Property Company Limited (BIPC), Dr. Raymond Asemakaha, CFA, is designed to help young people turn ideas into businesses, create jobs and attract fresh investment into the state.
Asemakaha described the passage of the law as a turning point for Benue, saying it would position the state as a destination for innovation, enterprise and investment.
“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,” he said.
The law, which aligns with the Nigeria Startup Act 2022, provides a framework for supporting startups, technology-driven businesses and innovators through tax incentives, access to funding, incubation facilities and easier business registration.
Under the new law, eligible startups will benefit from pioneer tax relief and waivers on business premises and signage fees. The government also plans to establish innovation and incubation hubs, including proposed facilities at the Galleria Centre in Makurdi.
A major feature of the law is the proposed Benue Startup Fund, which is expected to provide funding opportunities for innovative ideas and early-stage businesses.
The framework is also designed to attract Angel Investors, Venture Capitalists, Private Equity firms, Fund Managers and other sources of private capital to Benue.
To reduce delays and red tape, the state will establish a single-window Startup Portal for registration and regulatory compliance. Registered startups are also expected to receive priority consideration in relevant government procurement opportunities, giving locally owned businesses access to potential markets.
Asemakaha said the law would help address youth unemployment, particularly as thousands of graduates enter the labour market every year.
“This is how we tackle unemployment,” he said, stressing that young people should be encouraged to become employers of labour rather than depend solely on finding jobs.
The law will also support research and development, intellectual property protection, technology adoption, grants, incubation and acceleration programmes.
Asemakaha said the initiative is in line with Governor Hyacinth Iormem Alia’s development agenda of creating an environment where innovation, enterprise and investment can thrive.
“With this law, Benue is open for innovation,” he said. “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.”
Implementation is expected to begin with the development of the Startup Portal and the establishment of the first set of innovation and incubation hubs.
The BIPC GMD urged young entrepreneurs, innovators and technology-enabled businesses across the state to prepare for registration so they can take advantage of the incentives, funding, incubation support and other opportunities provided under the new law.
The domestication of the Startup Act is expected to strengthen Benue’s growing startup ecosystem, attract private capital and give young people a stronger platform to build businesses and create wealth within the state.
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