Benue State Activating New Partnerships – Gov Hyacinth Alia

The Benue State Governor, Rev. Fr Hyacinth Alia has said investors looking to make a positive impact while seeking reasonable returns can find promising prospects in Benue State. From agribusiness to renewable energy, and infrastructure development to mining concessions, the possibilities are vast and ripe for exploration. He said this during a presentation at the Nigerian professionals’ event in Washington DC, USA.

Find below, the full text of the speech delivered.

Activating New Partnerships: Mobilizing Nigerian Diaspora Resources for Impact Investments

Ladies and gentlemen,

I bring you greetings from the good people of Benue. It is with great pleasure and honour that I stand before you today as the Governor of Benue State, to share our vision for a greater and more prosperous future for our beloved state. As we gather here in Washington, DC, among esteemed Nigerian professionals and members of the diaspora, I am reminded of the immense opportunity that lies within our collective efforts towards unlocking Benue’s Economic potentials through impact driven investments in our dear country, Nigeria.

Allow me to provide some context on the potential impact of diaspora engagement in Nigeria. With an estimated diaspora population of over 17 million, Nigerians living abroad represent a vast resource that can significantly contribute to the development of our nation. Remittances alone amounted to over $25 billion in 2023, making Nigeria one of the top recipients of remittances globally. These numbers underscore the importance of tapping into the expertise, resources, and networks of our diaspora community to drive economic growth and social progress in Nigeria.

In Benue State, we recognize the invaluable role that diaspora engagement plays in our development agenda. Our administration is committed to harnessing the potential of our diaspora community by creating a conducive environment for investment and collaboration. Through targeted initiatives and strategic partnerships, we aim to leverage the skills and capital of our diaspora to unlock opportunities across key sectors especially agriculture, education, healthcare, power, and mining.

Before I delve into what the diaspora community can do for Benue, permit me to reaffirm my commitment to the people of Benue State by outlining our seven priority areas, which serve as our contract with the people. Under the ‘Renewed Hope agenda’, our administration has prioritised: 1) Security of Lives and Property, 2) Agriculture and Rural Development, 3) Commerce and Industry, 4) Human Capital and Social Development, 5) Infrastructure and Environment, 6) Information & Communications Technology (ICT), and 7) Political and Economic Governance. This seven-point agenda encompasses initiatives aimed at empowering our communities, revitalizing our economy, and enhancing the overall well-being of our citizens.

Following our commitment to this agenda, we hit the ground running on day one. Within the last 10 months, we have embarked on the renovation of the state secretariat to create an enabling work environment for our civil service, ensuring efficiency and productivity as they support our agenda. We have also embarked on several infrastructure projects across the state. Makurdi, the state capital, has worn a new look, in line with the urban renewal policy of our administration to build 21st-century cities and smart towns across Benue State. We have done the groundbreaking and commenced work on the first two overhead bridges in Makurdi and Gboko.

The construction of several township roads is underway to alleviate traffic congestion and improve connectivity within our cities. There are also over 100 km of roads currently under construction in various local government areas, to facilitate the evacuation of farm produce from production centres to marketing and consumption points. The Greater Makurdi Water Works Project, long neglected, has received prompt attention, aligning with our vision to provide clean water to rural communities across the state. Contracts have been awarded for the renovation of local government secretariats, laying the foundation for improved governance and service delivery at the grassroots level.

In addition to these infrastructure projects, we recognize the importance of digitising our civil service operations to enhance efficiency and transparency. By embracing technology, we aim to streamline processes improve service delivery, and foster innovation in governance.

We are aware that the task of transforming the Food Basket State is enormous and needs broad-based partnerships for development. As a result, our administration has been hard at work implementing various programmes to encourage diaspora engagement and attract investments across key sectors such as agriculture, infrastructure, Power, mining, Health Care and water reticulation. We have restructured the Benue Investment Company & Property Company to attract Foreign Direct Investment in the states by deployment of resources and expertise across ministries, departments, and agencies in a timely, efficient and accountable manner to build synergy within the government and fast-track the bureaucratic process of doing business. We aim to complete most business documentation processes within 24 hours of initiation.

Considering the years of economic neglect and excessive borrowing for consumption by previous governments, our administration conducted the first-ever external validation of our financial stability. Recently Fitch Ratings conducted an assessment of Benue State’s creditworthiness, providing valuable insights into our fiscal health. We received a B rating. While the rating may indicate areas for improvement, it underscores the commitment of our government to transparency and accountability in managing our finances.

Despite the challenges we face, including lower-than-average credit ratings compared to national standards, Benue State remains an attractive destination for investment. Our rich agricultural resources, untapped mining potential, and strategic location within Nigeria present unique opportunities for growth and development.

Investors looking to make a positive impact while seeking reasonable returns can find promising prospects in Benue State. From agribusiness to renewable energy, and infrastructure development to mining concessions, the possibilities are vast and ripe for exploration.

We have commenced a collaboration with the Bureau for Public Enterprises to strengthen Benue State’s Public-Private Partnership (PPP) framework and establish an electricity regulator that can open up the state for industrialization. We are aware that a well-established PPP framework will mitigate investment risks by providing clear rules, guidelines, and dispute resolution mechanisms. This, in turn, boosts investor confidence, including among diaspora investors, who may be more inclined to invest in projects with robust regulatory frameworks and oversight mechanisms.

We inherited 25 moribund assets which we want to commercialise, concession or outright sell to private investors. My team will make a short presentation to walk you through some of the investment opportunities in Benue State to give you food for thought.

As we look to the future, I invite you to explore the myriad investment opportunities available within Benue State. From agribusiness and renewable energy to mining and asset concession, there are ample opportunities for high returns and positive social impact. Our administration is committed to creating an enabling environment for investors, with supportive policies, streamlined regulatory processes, and access to land and other natural resources.

Collaboration is key to realizing our shared vision of prosperity and development. I urge all stakeholders, including diaspora communities, international organizations, and private sector partners, to join hands with us in maximizing the impact of investments and ensuring sustainable outcomes for our people.

In closing, I want to reiterate our unwavering commitment to prioritizing investments that generate positive social and environmental outcomes. Together, we can build a brighter future for all residents of Benue State, where opportunities abound, and prosperity knows no bounds.

Thank you for your attention, and I look forward to our continued partnership in driving the transformation of Benue State.

Long Live Nigeria

Long live Benue State.