From Henry Ibya, Makurdi
Benue State Government has expressed excitement with the international recognition given her by Fitch Ratings which revised Benue State’s Outlook to Positive from Stable, affirming its Long-Term Issuer Default Rating ,IDR at ‘B-‘.
Managing Director/CEO of Benue Investment and Property Company,BIPC, Raymond Asemakaha who announced government position in a statement explained that the upgrade reflects the state’s improved fiscal performance, with its IDRs aligning with Nigeria’s (B-/Positive), affirming that the rating is a testament to Governor Hyacinth Alia’s commitment to sound fiscal policies, transparency, and economic growth.
“We are honoured to receive this acknowledgement from a reputable credit rating agency like Fitch Ratings.
“The ‘A-‘ rating indicates an acceptable level of creditworthiness, which can attract investments, encourage economic development, and build sustainable partnerships”, Asemakaha noted.
He further explained that the rating would facilitate access to global capital markets, enabling the state to secure funding for infrastructure projects and social welfare initiatives.
“This rating is a clear sign of the state’s prudent financial management, fiscal discipline, and transparency, which are essential elements for any entity seeking to attract investments.
“As we continue to prioritize sustainable economic growth, this rating reassures potential investors of our commitment to a favorable investment environment”, the statement quoted Asemakaha in part.
He explained that the upgrade should be seen as a positive sign for Nigeria’s overall investment climate, demonstrating the government’s commitment to economic stability and development and pledged on behalf of the Benue State Government to build upon this rating, striving for continuous improvement and exploring new possibilities to maximize its advantages.
He promised on behalf of BIPC management to remain committed to attracting domestic and international investors, fostering public-private partnerships, and creating an enabling environment for economic growth, job creation, and poverty reduction, assuring that Benue will always welcome investors, partners, and individuals who share her vision of a prosperous and inclusive State and country.
The BIPC boss, who said the “Revised Outlook” reflects Benue State’s improved fiscal performance in all indicators, including its volatile operating balance and rising adjusted debt,expressed optimism that Fitch’s assessment would highlight the state’s ability to meet its financial obligations, making it an attractive destination for investors.
