The Akwa Ibom State government is making strides toward accessing the Federal Government’s ₦10 billion annual start-up fund, as the Akwa Ibom Start-Up Bill approaches its third reading in the State House of Assembly.
Purpose of the Start-Up Bill
The bill aims to:
- Establish a legal framework for fostering innovation and supporting start-ups.
- Position Akwa Ibom as a leading tech hub in Nigeria.
- Create opportunities for start-ups to scale into unicorn companies and significantly boost the state’s economic growth.
At a sensitization meeting in Uyo, Mr. Uduak Ekpo-Ufot, Chairman of the House Committee on Science and Technology, outlined key elements of the initiative:
- Awareness campaigns are planned to educate stakeholders about the bill’s benefits.
- Funding for the program will be incorporated into the 2025 state budget.
- The initiative aims to nurture a vibrant start-up ecosystem capable of attracting investments.
Ms. Victoria Fabunmi, National Coordinator at NITDA’s Office for Nigerian Digital Innovations, emphasized the importance of aligning with the Federal Start-Up Act, allowing Akwa Ibom to benefit from the national framework while tailoring it to local needs.
Key Benefits of the Initiative
Stakeholders, including representatives from the Nigerian Export Promotion Council, start-up founders, and investors, highlighted several advantages:
- Attracting Investments: The bill could make Akwa Ibom a magnet for local and international funding.
- Unlocking SME Funding: Access to credit-guarantee schemes would provide financial support for small businesses.
- Driving Innovation: The initiative positions Akwa Ibom to lead in technological excellence and innovation in Nigeria.
The Akwa Ibom Start-Up Bill, when passed, will serve as a catalyst for the state’s transformation into a tech-driven economy. By leveraging the Federal Start-Up Act and creating an enabling environment for innovation, the state is poised to become a significant player in Nigeria’s digital economy.
