The Benue Investment and Property Company Limited (BIPC) has announced the creation of the BIPC Trust Fund, aimed at supporting young entrepreneurs across the state.
During a virtual town hall meeting on Saturday, titled “Advancing Economic Development in Benue State: Our Recent Achievements and the Future Outlook,” BIPC Managing Director Raymond Asemakaha outlined the fund’s mission to foster entrepreneurship and boost Benue’s economic growth.
Supporting Youth-Led Enterprises
Asemakaha explained that the BIPC Trust Fund will provide young people with opportunities to establish businesses and contribute to the local economy.
“This trust fund represents a pivotal step in building a robust entrepreneurial culture in Benue. It will enable young individuals to integrate into the business ecosystem, transforming them into job creators and key players in economic development,” Asemakaha stated.
Economic Challenges and Progress
The managing director acknowledged the challenges faced by Benue’s economy, highlighting the loss of over 907,000 jobs in the small and medium enterprise (SME) sector from 2014 to 2023. Despite these obstacles, Asemakaha noted significant progress under Governor Hyacinth Alia’s leadership, with the state’s economic growth shifting from -3.2% to positive within a year.
However, he stressed that output growth still lags behind population growth, emphasizing the importance of creating an environment conducive to business expansion and innovation.
Policies Driving Economic Growth
BIPC has implemented several key policies to stimulate economic development, including:
- Benue State Inclusive Economy Policy
- Benue State Policy on Micro, Small, and Medium Enterprises (MSMEs)
- Benue State Industrial and Trade Policy
“These policies are designed to create a thriving business environment and generate job opportunities,” Asemakaha added.
Stakeholder Engagement
The virtual town hall, moderated by Irene Azubuike of Viider Consulting, allowed stakeholders to engage with BIPC leadership. Participants expressed optimism about the transformative potential of the trust fund to reshape Benue’s business landscape.
Key Dates
| Event | Date |
|---|---|
| Virtual Town Hall Meeting | October 21, 2024 |
| Trust Fund Announcement | October 21, 2024 |
A Vision for Sustainable Growth
This initiative underscores BIPC’s commitment to addressing economic challenges in Benue and empowering the next generation to lead the charge toward sustainable development. By prioritizing youth entrepreneurship, the trust fund is set to play a crucial role in fostering economic resilience and innovation in the state.
