BIPC sponsors startup law to strengthen SMEs in Benue – Asemakaha

Henry Iyorkase, Makurdi

Group Managing Director of Benue Investment and Property Company Limited (BIPC), Dr. Raymond Asemakaha, has disclosed that the company is sponsoring a bill aimed at establishing a startup law to support Small and Medium Enterprises (SMEs) and accelerate entrepreneurship development in Benue State.

Asemakaha made the disclosure on Wednesday during a stakeholders’ engagement meeting held in Makurdi, where he also announced the reactivation of the State SMEs Council under the Bureau of Entrepreneurship and Wealth Creation.

The BIPC boss said the proposed legislation was conceived to address the numerous challenges facing SMEs in the state, including inadequate access to funding, poor policy support, knowledge gaps, limited mentorship opportunities, and insufficient capacity-building programmes.

According to him, these challenges have continued to hinder the growth and sustainability of small businesses, despite their critical role in job creation and economic development.

He explained that the startup law would provide a structured framework for supporting emerging businesses and entrepreneurs, ensuring that they have access to the resources and incentives needed to thrive.

“Many young entrepreneurs possess innovative ideas but lack the enabling environment to transform those ideas into successful enterprises. The startup law is designed to bridge that gap and create opportunities for sustainable business growth,” he said.

Asemakaha noted that when enacted, the law would place Benue among progressive states such as Abia, Anambra and Imo that have already embraced startup-focused policies to stimulate innovation, investment and enterprise development.

He stressed that the legislation would facilitate access to finance, entrepreneurship training, technical support, business development services and other incentives capable of strengthening the state’s startup ecosystem.

The GMD further reiterated his advocacy for a practical and skills-driven education system, arguing that the current emphasis on certificates has failed to adequately prepare many graduates for self-reliance and employment.

He lamented that thousands of young people graduate from tertiary institutions annually without realistic job prospects, thereby increasing unemployment and economic vulnerability.

According to him, entrepreneurship development remains one of the most viable pathways for addressing unemployment and fostering economic prosperity.

Asemakaha warned that Benue State was “sitting on a time bomb” if urgent measures were not taken to strengthen the foundation for SME growth and youth empowerment.

He called for deliberate reforms and strategic investments in entrepreneurship development, stressing that SMEs remain the backbone of any thriving economy.

The BIPC chief also pledged the company’s commitment to working closely with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and other relevant institutions to drive aggressive SME development programmes across the state.

Speaking during the engagement, a representative of SMEDAN, Dr. Damorekun Moses, said the agency was reactivating the SMEs Council in Benue as part of broader efforts to stimulate economic activities and improve support mechanisms for small businesses.

Moses explained that the council would serve as a platform for collaboration among government agencies, financial institutions, development partners and entrepreneurs to address challenges confronting SMEs and create new opportunities for growth.

He expressed optimism that the council’s reactivation would strengthen policy coordination, improve access to business support services and enhance the overall competitiveness of enterprises in the state.

Representatives of the Industrial Training Fund (ITF), the Nigerian Association of Small Business Owners and Entrepreneurs, the Nigerian Export Promotion Council (NEPC), the Bank of Industry (BOI), the Ministry of Industry, Trade and Investment, and other key stakeholders attended the meeting.

The stakeholders commended the efforts of BIPC and SMEDAN in revitalizing the SMEs Council and pledged their support toward ensuring the successful implementation of programmes aimed at promoting entrepreneurship and business development in Benue.

They expressed confidence that the proposed startup law, alongside the reactivated SMEs Council, would create a more conducive environment for enterprise growth, attract investments, generate employment opportunities and contribute significantly to the socio-economic development of the state.

The meeting concluded with a collective commitment by participants to deepen collaboration and pursue policies that will empower entrepreneurs, strengthen SMEs and drive inclusive economic growth across Benue State.