The Group Managing Director of Benue Investment and Property Company Limited (BIPC), Dr. Raymond Asemakaha, CFA, has commended the latest upgrade of Benue State’s credit rating by global rating agency, Fitch Ratings, describing it as a testament to the prudent and visionary management of the state’s economy under the leadership of Rev. Fr. Hyacinth Iormem Alia, the Executive Governor of Benue State.
Fitch Ratings, in its latest report dated July 18, 2025, upgraded Benue State’s Long-Term Issuer Default Rating (IDR) from ‘B-’ to ‘B’, and the National Long-Term Rating from ‘A-(nga)’ to ‘A(nga)’, with a Stable Outlook.
The agency cited improved fiscal performance, efficient debt servicing, better management of federal allocation receivables, and rising microeconomic activity that leads to inclusive governance as major contributors to the rating uplift. These factors have driven the upward revision of its Standalone Credit Profile (SCP) to ‘B’ from ‘B-‘.
“…Fitch Ratings has upgraded Benue State’s Long-Term Issuer Default Ratings (IDR) to ‘B’ from ‘B-‘ and National Long-Term Rating to ‘A(nga)’ from ‘A-(nga)’ as it affirmed Lagos and Kaduna states’ Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at ‘B’, the statement conveying the new rating reads in part.
Dr. Asemakaha noted that since the inception of the Alia administration, Benue has witnessed deliberate efforts to reposition the economy through sectoral reforms, transparency, and identifying key sectors and industries that offer the most potential for growth and robust economic He stated:
“This upgrade is a direct outcome of Governor Alia’s disciplined financial management and reform-driven agenda. His Excellency’s commitment to fiscal sustainability, debt accountability, and economic diversification has laid the groundwork for this national and international recognition. We at BIPC are proud to play a key role in supporting this vision.”
The GMD emphasized that BIPC’s expanding portfolio of strategic business ventures across key sectors has significantly contributed to the microeconomic activities highlighted in the Fitch report. These include:
He reaffirmed BIPC’s commitment to aligning its investment strategy and economic drive with the Governor’s development blueprint, ensuring that Benue remains a credible and attractive destination for investors both locally and internationally.
