By Peter Duru, Makurdi

The Benue Investment and Property Company Limited (BIPC) has unveiled plans to sponsor a bill for the establishment of a Startup Law aimed at strengthening Small and Medium Enterprises (SMEs) and creating a more conducive environment for entrepreneurship in Benue state.

The Group Managing Director of BIPC, Dr. Raymond Asemakaha, disclosed this during a stakeholders’ engagement meeting on the reactivation of the SMEs Council in Benue state, held at the Bureau of Entrepreneurship and Wealth Creation in Makurdi.

Asemakaha said the proposed legislation was designed to tackle persistent challenges facing SMEs, including inadequate access to funding, limited mentorship opportunities, knowledge gaps and the absence of supportive policies.

According to him, the startup law would provide a comprehensive framework to support entrepreneurs with access to finance, skills development and incentives necessary for business growth.

“We are sponsoring a bill aimed at establishing a Startup Law that will support SMEs in Benue State,” Asemakaha said. Several challenges confronting SMEs in the state, including knowledge gaps, the absence of supportive policies, inadequate access to funding, and limited mentorship opportunities, have continued to hinder the growth of young entrepreneurs,” he said.

The BIPC Managing Director noted that once enacted, Benue would join states such as Abia, Anambra and Imo in implementing startup-friendly policies aimed at promoting innovation and enterprise development.

“When passed into law, Benue will join other progressive states that have adopted comprehensive startup frameworks that provide entrepreneurs with access to knowledge, skills development, finance and other incentives needed to grow their businesses,” he said.

Asemakaha also advocated reforms in the education sector, stressing the need for a practical, skills-driven curriculum to address rising unemployment among graduates.

He warned that the state was “sitting on a time bomb” due to what he described as a weak foundation for SME development.
“Our education system must place greater emphasis on skills acquisition rather than certificates. Every year, thousands of graduates leave tertiary institutions without realistic employment prospects,” he stated.

Asemakaha pledged the company’s collaboration with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to drive aggressive SME development initiatives across the state.

Also speaking, a representative of SMEDAN, Dr. Moses Damorekun said the agency was reactivating the SMEs Council in Benue to stimulate economic activities and strengthen support mechanisms for small businesses.

Moses explained that the council would serve as a platform for collaboration among key stakeholders to address challenges affecting the sector and promote sustainable enterprise growth.

Representatives of the Industrial Training Fund (ITF), the Nigerian Export Promotion Council (NEPC), the Bank of Industry (BOI), the Ministry of Industry, Trade and Investment, and other stakeholders commended the reactivation of the council and pledged their support.

The stakeholders expressed optimism that the revitalised SMEs Council and the proposed startup law would create new opportunities for entrepreneurs, enhance business growth and accelerate economic development in Benue state.