The Benue State Startup Act, which domesticates the Nigeria Startup Act, provides major incentives aimed at boosting innovation and youth entrepreneurship across the state. Among its key provisions are pioneer tax relief and waivers on business premises and signage fees for eligible registered startups. The law also establishes a Council for Innovation, Digital and Startups to be domiciled at the proposed facilities at the Galleria Innovation Challenge Centre in Makurdi, where innovators can access infrastructure and support to develop their businesses.
Another central feature is the creation of a Benue Startup Fund alongside policies designed to attract investors to finance innovative ideas and early-stage businesses established by young people. 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 critical roles 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, General Managing Director of BIPC, said the initiative aligns 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 stated. He added that the law would provide a platform for young people to move beyond seeking employment to becoming employers of labour and creators of wealth.
Implementation 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 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.
