The Akwa Ibom State government is poised to access the Federal Government’s N10 billion annual fund for start-ups as the Akwa Ibom Start-Up Bill nears its third reading in the State House of Assembly.
The proposed legislation aims to establish a framework for fostering innovation, supporting start-ups, and positioning Akwa Ibom as a leading technological hub in Nigeria.
Speaking at a sensitization meeting organized by the State House Committee on Science and Technology in Uyo, Committee Chairman Uduak Ekpo-Ufot assured stakeholders that the bill would create an enabling environment for start-ups, driving economic growth and potentially nurturing unicorn ventures.
Ekpo-Ufot announced plans for awareness campaigns and revealed that start-up funding will be incorporated into the state’s 2025 budget to ensure sustained support.
Victoria Fabunmi, National Coordinator of the Office for Nigerian Digital Innovations (ONDI), highlighted the importance of aligning state efforts with the Federal Government’s Start-Up Act, which provides N10 billion annually for digital innovation. She emphasized the potential for Akwa Ibom to leverage this framework for localized growth and attract investments.
Representatives from the Nigerian Export Promotion Council and other business groups underscored the bill’s potential to unlock funding, attract investments, and enhance the state’s start-up ecosystem.
The meeting brought together start-up founders, business investors, and policymakers, all committed to transforming Akwa Ibom into a model of technological and economic excellence.
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