The Benue State government is targeting to grow Benue’s Gross Domestic Product (GDP) to $8 million from the current $5.8 million in four years.
The Benue Investment and Property Management Company Ltd (BIPC) is targeting to drive new investments into the state to achieve this target in four years.
Dr. Raymond Asemekaha, CFA, the Managing Director/CEO BIPC gave the projection during the Benue Local Investors Forum, 2023 held on December 15th, 2023.
He said the new investments through “the forum aims to help in creating a strong and diversified economy by growing our GDP from $5.8 million to $8 million in four years.”
He said for this to happen, private investments are critical and the government will complement with the right enablers.
“No Society achieves sustainable development without the organized private sector. This forum seeks to discuss bottlenecks against profitable investments and to chart a course that serves your business interests and those of the state” he stated.
“Our dear state needs to undertake a comprehensive course of action to attract investments. This has to include the introduction of new policies and reforms together with more productive Public/Private Partnerships to grow our revenue base and engender development” the MD stated.
“We are confident that Benue State under the leadership His Excellency Governor Alia will excel as an investment hub” he assured.
Mr. Asemakaha also promised promised reforms in he ease of doing business environment.
“We at the Benue Investment and Property Company (BIPC), are set to build a One Stop Shop for Ease of Doing Business to ensure that investors wishing to do business in the state are free of encumbrances. We want to be the no 1 in the Word bank ranking for ease of Doing Business in Nigeria.”
From this day forward, when local and foreign investors think of investing in Nigeria, they should think of Benue first” he said.
In his remarks, the Governor of Benue State, Rev. Fr. Hyacinth Alia, promised to encourage public-private partnership (PPP) in reviving our moribund industries and also establish new ones for massive industrialization in the state.
He also promised tax incentives. “We are also looking at reassessing the state tax regime through the BIRS to make the state more investment friendly.”
The question of the day is “Why has agricultural productivity in Benue State dropped? Why can’t business people sustain their businesses for the long term, why are factories closing and big companies leaving Benue? In a nutshell, I want to know why the private sector is almost nonexistent in Benue State” he wondered.
“As a government, we are not oblivious of the fact that there are challenges in doing business in the state but we want to work with you to surmount these challenges through people-oriented policies and programs” he promised.
“We are working on constituting the state Investment and Economic Council which will serve as the driver as well as engine room for this, to lessen bureaucracy and make investor relations easier” he stated.