Akwa Ibom to Benefit from Federal Government Start-up Funds

... As House set pass State Start-up bill into law

By Ifiok Itiaba - Uyo

Akwa Ibom State House of Assembly has commenced the process of passing into law the Akwa Ibom State Start-up Bill, which aims to provide support for startups and

SMEs and boost ecosystem which is the foundation for any thriving economy. 

This adoption comes at a time that the tech space in Nigeria and Africa is experiencing unprecedented growth, with many young and innovative tech talents emerging and attracting significant investments from local and international players.

The Bill which is already an Act at the national level, when passed and assented to by the Governor will Provide a legal and institutional framework for the development of startups in Akwa Ibom State.

Speaking during a one day stakeholders meeting in Uyo on Tuesday, December 10, 2024, the Member representing Etinan State Constituency and Chairman, House Committee on Science and Technology, Hon Uduak-Ekpo Ufot said the bill will support start-up that will grow to be commercial to the state and country.

Ufot who is the sponsor of the bill stressed that the bill seeks to provide an enabling environment for the establishment, development and operation of startups in Akwa Ibom State.

He said the bill will provide for the development and growth of technology-related talents and position Akwa Ibom State’s startup ecosystem, as the leading digital technology Centre in Nigeria, having excellent innovators with cutting edge skills and exportable capacity.

Giving an insight on the Act at the national level, the National Coordinator of Office for Nigerian Digital Innovation which is under National Information Technology Development Agency, Victoria Fabunmi, said there were provisions for a minimum funding of N10m for each states of the federation.

She said while the Act at national support technology and technologically based businesses, states can choose to open up for other businesses.

Ofayomy said the bill will create an enabling environment for young, tech-savvy talents in Akwa Ibom state and encourage state government to support the federal government initiative.

The stakeholders who spoke during the meeting said the bill will provide the necessary foundation and legal backing for start-up and SMEs to access loans and grants through credit guarantee scheme.

Akwa Ibom State is uniquely positioned to benefit from the adoption of the Startup bill when passed and assented to.