From Scholastica Hir, Makurdi
The Managing Director/Chief Executive Officer, Benue Investment and Property Company Ltd, (BIPC), Dr. Raymond Asemakaha, has hailed Fitch Rating placement of the state in “B-” categories saying it will facilitate access to global capital markets for Benue.
The MD told newsmen in Makurdi that, earlier in the week, a capital market company, Fitch Ratings, announced that it has assigned a long-term foreign currency issuer default rating of ‘B-‘ to Benue State, along with a stable outlook.
Asemakaha said the Fitch rating will facilitate access to global capital markets for Benue allowing it to secure funding for infrastructure projects, social welfare initiatives, and other developmental programs.
“It will promote investor confidence and bolster our efforts to diversify the economy, create jobs, and improve the standard of living for our citizens,” he added.
Asemakaha said the rating reflects Fitch’s assessment of the state’s creditworthiness and highlights its ability to meet its financial obligations.
“Benue State is honoured to receive this international recognition from a reputable credit rating agency like Fitch Ratings.
“This acknowledgement stands as a testament to our commitment to implementing sound fiscal policies, promoting transparency, and fostering economic growth.
“The ‘B-‘ rating, despite being below investment grade, offers numerous benefits and opportunities for Benue State, potential investors, and the Nigerian economy as a whole.
“This rating indicates an acceptable level of creditworthiness, which can be vital in attracting investments, encouraging economic development, and building sustainable partnerships,” the MD said.
He said the rating serves as 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 favorable investment environment.
“On a broader scale, a positive rating for Benue State reflects positively on Nigeria’s overall investment climate. It demonstrates the potentials and opportunities that exist within the nation, highlighting the government’s commitment to economic stability and development across all levels, federal, state, and local.
He said Benue State acknowledges the trust bestowed upon her by Fitch Ratings and pledged to build upon the rating for continuous improvement.
He expressed continued commitment to attract domestic and international investors, foster public-private partnerships, and create an enabling environment for economic growth, job creation, and poverty reduction.
He also stated that going forward, Benue stands ready to explore new possibilities, implement progressive policies, and work hand-in-hand with stakeholders to maximize the advantages offered by the Fitch rating.
He said the company shall work with investors, partners, and individuals who share in the vision of a prosperous and inclusive Benue State and Nigeria.