Following a landmark ruling by Justice James Omotosho of the Federal High Court Abuja last week dismissing a suit by Philip Shaibu and others, seeking to void Asue Ighodalo’s nomination as the candidate of the PDP in the forthcoming governorship election in Edo State, Oseyomon Ighodaloh, founder of the Undergraduate Alumni Foundation (UAF) and Silicon Delta Innovation Hub, extended his congratulations and offered expert thoughts on a key policy area to focus on, should Asue Ighodalo emerge victorious in the forthcoming election.

Oseyomon Ighodaloh highlighted the need to drive economic growth and innovation in Edo State, recommending the establishment of a state-run venture capital fund. “This fund would provide essential seed funding and growth capital for small and medium-sized enterprises (SMEs), startups, and undergraduates in tertiary institutions across the state,” he remarked. “By doing so, it would bridge the funding gap and empower the next generation of entrepreneurs, creating jobs and stimulating economic development in Edo State.

Oseyomon made these revelations known to newsmen in Benin City, the state capital during an entrepreneurs’ roundtable, emphasizing the critical need for a supportive environment where entrepreneurship is rewarded, and small businesses can thrive.

“We must prioritize the establishment of a state-run venture capital fund,” Ighodalo urged. “My team and I are here today for a deep engagement with the stakeholders of the state’s start-up ecosystem, we have meticulously crafted a blueprint for a state of the art innovation hub that will serve as a catalyst for growth and development of SMEs and startups.”

“The reality in Edo State is grim, with limited access to venture capital funding, leading to economic stagnation and missed opportunities,” Ighodaloh noted. “Without adequate funding, many promising businesses struggle to scale, stifling innovation and job creation. Our policy recommendation aims to address these challenges by establishing a fund that would be initially capitalized with a combination of state resources, private investments, and potential international grants.”

“Managed by a professional team with extensive experience in venture capital and SME funding, the fund should ensure deserving businesses and enterprising students can access funding without bureaucratic delays,” Ighodaloh explained. “Asue’s extensive background in the private sector underscores the importance of this initiative.

With a distinguished career that includes the apex role in a top-tier financial institution in Nigeria and a track record of fostering business growth, Asue is uniquely positioned to understand the transformative potential of venture capital funding.”

“I believe that implementing this policy within the first 100 days in office could set the tone for a period of unprecedented economic growth in Edo State,” Ighodaloh said. “The proposed fund should offer a mix of equity investments and debt financing tailored to the specific needs and stages of the businesses. Recipients of the fund should also have access to mentorship and advisory services from experienced business professionals, as well as regular training programs to enhance their skills in areas such as business management, financial planning, and marketing, which the Silicon Delta Innovation Hub is willing to provide free of charge.”

“Our policy recommendation highlights the structure of the fund, which includes seed funding for early-stage startups and growth capital for established SMEs,” Ighodaloh emphasized. “We will emphasize performance metrics to measure the success of the fund, including job creation, revenue growth, and business survival rates. Regular audits and evaluations will be conducted to ensure transparency and accountability, and to assess the impact of the fund on the state’s economy.”

As the gubernatorial election comes up in a matter of weeks, stakeholders are hoping for a favorable outcome. While Edo State looks to capitalize on its economic potential and drive sustainable growth, the establishment of the state-run venture capital fund could be a pivotal step in achieving these goals.