Fitch rating indicator to boost Benue economy, BIPC MD

From Uche Nnorom, Makurdi

The Managing Director, Benue Investment and Property Company, BIPC, Dr. Raymond Asemakaha has stressed that the recent rating of the State by Fitch indicates an acceptable level of creditworthiness, which can be vital in attracting investments, encouraging economic development, and building sustainable partnerships.
This week, 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.
The MD in a press release on Tuesday made available to the media said the Fitch rating will facilitate access to global capital markets, allowing the State to secure funding for infrastructure projects, social welfare initiatives, and other developmental programs, adding that it will promote investor confidence and bolster our efforts to diversify the economy, create jobs, and improve the standard of living for the citizens.
“The rating reflects Fitch’s assessment of the state’s creditworthiness and highlights its ability to meet its financial obligations.
“Benue State is honored 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.
“Furthermore, this 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 a favorable investment environment.”