Benue gets Fitch Ratings on economic viability, credit worthiness

Benue State has received international recognition from a reputable credit rating agency, Fitch Ratings as an acknowledgement to testify the deliberate commitment of Governor Hyacinth Alia to implementing sound fiscal policies, promoting transparency, and fostering economic growth.

Raymond Asemakaha, Managing Director, Benue Investment and Property Company (BIPC) stated this through a press release issued in Makurdi, the Benue State Capital.

Asemakaha explained that the Fiitch Ratings had revised the outlook on Benue State’s Long-Term Issuer Default Rating (IDR) to Positive from Stable, affirming the IDR at ‘B-‘ and also revising the Outlook on Benue’s National Long-Term Rating to Positive from Stable with the rating at ‘A-(nga)’.

Asemakaha stressed that the revision of the Outlooks reflected Benue’s improved fiscal performance in all indicators as its IDRs were aligned with Nigeria’s (B-/Positive) and ‘b-‘ Standalone Credit Profile (SCP) reflects Benue’s volatile operating balance and rising adjusted.

He added that the rating reflected Fitch’s assessment of the State’s creditworthiness and highlighted of its ability to meet its financial obligations.

The BIPC boss emphasized that the ‘A-‘ rating grade, offers numerous benefits and opportunities for Benue State, potential investors, and the Nigerian economy as a whole.

“The rating indicates an acceptable level of creditworthiness, which can be vital in attracting investments, encouraging economic development, and building sustainable partnerships.

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“For Benue State, this Fitch rating will facilitate access to global capital markets, allowing us 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 said.

He detailed that the rating served as a clear sign of the State’s prudent financial management, fiscal discipline, and transparency, which were 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 favourable investment environment.

“On a broader scale, a positive rating for Benue State reflects positively on Nigeria’s overall investment climate. It demonstrates the potential and opportunities that exist within the nation, highlighting the government’s commitment to economic stability and development across all levels – federal, state, and local”.

“Benue State acknowledges the trust bestowed upon us by Fitch Ratings and pledges to build upon this rating as we strive for continuous improvement. We remain committed to attract domestic and international investors, foster public-private partnerships, and create an enabling environment for economic growth, job creation, and poverty reduction”.

“As we move forward, Benue State stands ready to explore new possibilities, implement progressive policies, and work hand-in-hand with our stakeholders to maximize the advantages offered by this Fitch rating. We welcome investors, partners, and individuals who share our vision of a prosperous and inclusive Benue State and Nigeria”, concluded.