FITCH AFFIRMS BENUE STATE AT'B' OUTLOOK STABLE

...BIPC GMD Commends Governor Alia’s Prudent Economic Leadership

Fitch Ratings has affirmed Benue state’s Long -Term Foreign-and Local Currency Issuer Default Ratings (IDRs) at B with a stable outlook

The Group Managing Director of Benue Investment and Property Company Limited (BIPC), Dr. Raymond Asemakaha Jr., CFA, has commended the latest fitch Affirmation 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 His Excellency, Rev. Fr. Dr. Hyacinth Iormem Alia, Executive Governor of Benue State.

Fitch Ratings, in its latest report dated July 10, 2026, Affirm Benue State’s Long-Term Issuer Default Rating (IDR) at ‘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, economic Diversification through strategic investment and aggressive industrial drive and better management of federal allocation receivables and rising microeconomic activity that leads to inclusive governance as major contributors to the rating affirmations. These factors have driven the upward revision of its Standalone Credit Profile (SCP) to 'B' from 'B’

Fitch also caution Benue’s weak Internally generated Revenue IGR which fail below 10% of the state operating Revenue 

Fitch Ratings affirmed Benue State’s Long-Term Issuer Default Ratings (IDR) to ‘B’ 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 economics.

 “This affirmation 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,” He stated.

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. 

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 globallY