From Msurshima Andrew, Makurdi
Fitch Ratings has revised the outlook on Benue State’s Long-Term Issuer Default Rating (IDR) to Positive from Stable and affirmed the IDR at ‘B-‘. Fitch has also revised the Outlook on Benue’s National Long-Term Rating to Positive from Stable and affirmed the rating at ‘A-(nga)’ for Benue State.
The Managing Director/CEO BIPC, Dr. Raymond Asemakaha, disclosed this in a statement he signed made available to newsmen in Makurdi on Monday.
He stated that the revision of the Outlooks reflects Benue’s improved fiscal performance in all indicators explaining that “Its IDRs are aligned with Nigeria’s (B-/Positive). The ‘b-‘ Standalone Credit Profile (SCP) reflects Benue’s volatile operating balance and rising adjusted.
“This 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 the deliberate commitment of the Governor of Benue State, Rev. Fr. Hyacinth Alia to implementing sound fiscal policies, promoting transparency, and fostering economic growth.”
He said the ‘A-‘ rating grade, offers numerous benefits and opportunities for Benue State, potential investors, and the Nigerian economy as a whole as well as indicates an acceptable level of creditworthiness, which can be vital in attracting investments, encouraging economic development, and building sustainable partnerships.
“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 programmes.
“It will promote investor confidence and bolster our efforts to diversify the economy, create jobs, and improve the standard of living for our citizens.”
Asemakaha also stated that 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.
He expressed hope that as the state continues to prioritize sustainable economic growth, the rating reassures potential investors of the commitment to a favourable investment environment.
“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,” he said.
