Alex Otti, governor of Abia State, has reiterated his administration’s commitment to providing infrastructure and other enablers to support business growth in the state.
The governor stated this at the Abia Startup and Angel Investment Summit and the unveiling of the Abia Startup Investors Network (ASIN), held Wednesday at the Ogbonnaya Onu Polytechnic, Aba, the commercial hub of the state.
The summit with the theme “Unlocking Local Capital for High-Growth Startups”, was part of activities marking the 35th anniversary of the creation of Abia State and builds on the state government’s growing focus on technology, innovation and entrepreneurship, as drivers of economic growth.
The one-day summit combined a concise introduction to angel investing with conversations on the Abia investment opportunity, interaction with selected founders, goodwill messages from ecosystem leaders and the formal unveiling of ASIN.
Governor Otti, who was represented at the summit, by Emmanuel Meribole, Secretary to Abia State Government, described the angel investment initiative, as a novel idea that would boost entrepreneurship in Aba and Abia and commended the Ministry of Science and Technology and Innovation, Public and Private Partnership and Intellectual Property Office and its partners for bringing the initiative to the state.
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David Kalu, Abia State Commissioner for Science, Technology and Innovation, said that the initiative represents an important step in connecting the state’s entrepreneurial capacity with the capital and networks required to build scalable businesses.
According to him, “Abia has always been known for enterprise. The opportunity before us is to connect that entrepreneurial strength with innovation, technology and investment.
“The government will continue to create the enabling environment, but sustainable startup ecosystems are built when entrepreneurs, private capital, industry and government work together.”
Speaking to journalists on the sidelines of the summit, Jude Nwosu, president, Aba Chamber of Commerce, Industry, Mines and Agriculture (ACCIMA), noted that Aba has so many talented young entrepreneurs that need financial support to grow their businesses and appealed to investors to be part of ASIN to ensure that these young people realised their dreams.
“I know that this will encourage investors and business operators to look outside the box and invest in these young ones that can make our state more prosperous, bring down unemployment and boost Abia’s economy,” he said.
He noted that ACCIMA will serve as a development partner to ASIN to support those who have pitched their business ideas.
The role of the chamber will be in the form of a development partner, because we are really interested in those, who have pitched their ideas and innovations.
“When they pitch and they convince us, we will lead the team in investing in young people”.
He advised young entrepreneurs to show integrity. “You have to prove yourself ideal. You have to be consistent and trustworthy for someone to be convinced to invest in you.”
Uche Aniche, lead organiser of the summit, said that the long-term objective of the summit is to build a community of informed local investors capable of backing promising founders.
“The summit is the starting point, not the destination. Across Abia, we already have successful business people, professionals and members of the diaspora with capital, experience and networks.”
Aniche, who is also the convener of StartupSouth, said that they have ambitious founders building businesses that need those resources to grow, as the opportunity is to organise both sides.
“We should not have to wait for all early-stage capital to come from Lagos, London or Silicon Valley. Abia can build a credible community of local investors who understand the opportunities around them and can back strong founders one deal at a time,” he said.
He said that ASIN is expected to provide a continuing platform for investor education, startup discovery, opportunity evaluation and collective participation in investment opportunities, while helping deepen relationships between founders and private capital within and beyond Abia.
Aniche said that the startup and angel investment summit is supported by the Abia Technology and Innovation Network (ATIN) and other ecosystem stakeholders, noting that more detailed investor education and engagement sessions will continue virtually after the summit for interested members.
He reiterated that the move complements ongoing efforts by the Abia State government to strengthen the state’s startup ecosystem, including the domestication of the Nigeria Startup Act and other measures, aimed at improving access to support, capital and opportunities for innovation-driven businesses.
One of the high points of the summit was a business pitch by five startup founders.
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