The Managing Director, Benue Investment and Property Company Limited (BIPC), Dr. Raymond Asemakaha-CFA, has called for increased funding of BIPC in its quest to build value adding industries and businesses across the state.
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He also advocated for BIPC to be added to the list of state government agencies directly funded by the state budget to accelerate economic diversification and growth.
Dr. Asemakaha made the call during a presentation titled “Government Investment in Public Sector and the need for Public Capital In Benue State: Issues, Policy Options and Prospects for Sustainable Development” at the occasion to mark Governor Hyacinth Alia second year in office in Makurdi.
Making comparative analysis of the states created at the same time with Benue State are far ahead in terms of industrialisation because of deliberate investments by those states government.
The states created with Benue state include: Bauchi State, Gongola State (now divided into Adamawa and Taraba states), Niger State, Ogun State, Ondo State and Plateau State.
“Between 1976 to 2025, Benue State has enjoyed the least Public Sector Investment despite its immense potential in the food and agro economy, livestock market, tourism and hospitality as well as abundant mineral resources. This low patronage has left our beloved State struggling to belong, leaving us impoverished and under-developed, in comparison to our “age mate States” he stated,
According to him, “out of the 8 States, Benue only polls higher than Bauchi, Plateau, Taraba and Adamawa with Niger, Ondo and Ogun surpassing us in terms of GDP growth year on year.”
The BIPC CEO further asserted that “Benue State ranks lowest in the Commercial Sector amongst the “1976 States” sub-set. With only about 1,650 registered businesses duly accounted for by the Corporate Affairs Commission (CAC) as at 2024.”
For this poor narrative to change the state government must enable capital growth and development through deliberate investments and support to micro, small and medium enterprises.
“Benue State experiences insufficient state government investment in key sectors like manufacturing and infrastructure in contrast to our peer States such as Ogun, Ondo and Plateau states and this has hindered economic diversification and overall growth in the State. The patronage from the State Government needs to significantly improve to also build private sector confidence in Benue” Dr. Asemakaha stated.
With the state’s population of about 6.2million, majority of which are young and unemployed, the states need to be deliberate about investing in new businesses to create new jobs and grow the GDP.
Speaking to the narrative that government shouldn’t be investing in businesses he said whilst it is correct that the state government should create enabling environment to attract private sector investments, states can also incorporate, fund and run successful businesses as seen state run enterprises in countries like China, Ethiopia, Saudi Arabia, Dubai, Qatar and other countries.
The BIPC MD indicated that China “propelled decades of near-double-digit GDP growth, lifted hundreds of millions out of poverty, and established China as the world’s largest manufacturer and trader, though it also led to macroeconomic imbalances and a relatively stifled private sector in certain areas.”
Ethiopia, he said “from 2004 to 2017, Ethiopia achieved an average annual GDP growth of approximately 10.9%, making it one of the fastest-growing economies in Africa. This growth significantly reduced the national poverty rate from 39% in 2004 to about 24% by 2016 and less than 20% in 2025. The state-led model aimed to shift the economy from an agricultural to an agro-industrial base, with manufacturing’s share of GDP increasing.”
The ET case study is one which we should model in Benue and Nigeria if we must advance our economy he said.
He acknowledged that the persistent insecurity in the state is also hampering development.
“Insecurity has significantly hampered the agricultural value chain in Benue State, the state’s economic mainstay. Insecurity disrupts farming activities, limiting access to farmlands, and discouraging investment in agricultural processing and transportation, leading to reduced output and significant post-harvest losses” he noted.
BENUE STATE GOVERNMENT BUDGETARY ALLOCATION TO BIPC
The MD said BIPC’s self-sufficient efforts alone cannot transform the industrial and business economy of the State.
“We have done, and are doing a lot, but we need more. This is why we require the Benue State Government (BSG) to inject public capital into BIPC through budgetary line items and allocations to BIPC” he said.
“Our efforts so far, though significant, are limited by resources, making public capital investments crucial for catalyzing large-scale development that transcends state capacity. Direct State projects, the establishment of public owned businesses and ventures implemented through the BIPC, and a strategic presence of government investments within Benue would inject the necessary capital, expertise, and infrastructure to unlock the state’s economic potential, particularly in its agro and mineral sector, and diversify its economy, ultimately contributing to a more robust and self-sustaining future for Benue and Nigeria as a whole” he further stated.
PUBLIC SECTOR INVESTMENT OPPORTUNITIES FOR PRIVATE CORPORATIONS
Dr. Asemakaha, further stated that “private corporations can engage through various models, including direct equity investment in BIPC-BSG initiated ventures, joint ventures OR build-operate-transfer (BOT) schemes for infrastructure, or concession agreements.”
Thus, they will benefit “from BIPC’s deep market understanding, risk mitigation strategies, and access to local resources, labor, and existing infrastructure. This collaborative approach would leverage public-private capital and expertise to accelerate development, create jobs, and generate revenue for the state.”
He noted that through this collaboration, BIPC would further expand its portfolio of businesses fully funded by Public sector engagements. Beyond simply attracting external private capital, this collaborative model also empowers BIPC to strategically expand its own portfolio of businesses, a significant portion of which would be fully funded by public sector engagements. This dual approach ensures that the state maintains control over strategic sectors while simultaneously harnessing the efficiency and innovation of private enterprise.
“If the aforementioned policies are properly implemented, The Benue State Government (BSG), through the Benue Investment and Property Company (BIPC), can play a crucial role in disrupting the current imbalance in the workforce economy and ensuring that graduating university students are absorbed into the labor market” he assured. 
“Through sustainable investment in the State these jobs can be created. BIPC evidently employs 474 direct jobs and 3,080 indirect jobs, but a significant gap of over 339,000 still exists hence the need for Benue State Government (BSG) to double down on its allocation and investment through the BIPC for the creation of industries, firms and businesses to fully absorb the eager and able graduates into the workforce economy” he further stated.
