THE MANAGING Director, Benue Investment and Property Company (BIPC), Dr Raymond Asemakaha, said the recent rating of the State by Fitch would boost the state`s economic development.
Asemakaha, who stated this on Thursday in Makurdi, said that the ratings has placed the State on the world map for improved economic benefits.
The News Agency of Nigeria (NAN) reports that “Fitch Ratings is a leading provider of credit ratings, commentary and research for global capital markets”.
Fitch Ratings this week assigned a long-term foreign-currency issuer default rating of ‘B-’ to Benue, along with a stable outlook.
He said the Fitch ratings would facilitate access to global capital markets, and allow the State to secure funding for infrastructure projects, social welfare initiatives among others.
Asemakaha said the ratings would also promote investors’ confidence and bolster the state efforts to diversify its economy, create jobs, and improve the standard of living of the citizens.
“The rating reflects Fitch’s assessment of the state’s creditworthiness and highlights its ability to meet its financial obligations.
“Benue 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, in spite being below investment grade, offers numerous benefits and opportunities for Benue, potential investors, and the Nigerian economy as a whole,” he said.
The managing director said the ratings served as a clear sign of the state’s prudent financial management, fiscal discipline, and transparency, which are essential elements for entity seeking to attract investments. He said the company would continue to prioritise sustainable economic growth, as the rating reassured potential investors of commitment to a favourable investment environment. (NAN)