Governor Hyacinth Alia of Benue State delivered a speech at the ‘Nigerian Professionals Event’ in Washington, United States, focusing on the significance of mobilizing Nigerian diaspora resources for impact investments.
Greetings from the people of Benue. It’s an honor to address you today as the Governor of Benue State, sharing our vision for a brighter future. As we convene here in Washington, DC, surrounded by esteemed Nigerian professionals and members of the diaspora, I’m reminded of the vast potential in our collective efforts to unlock Benue’s economic prospects through impactful investments in Nigeria.
Let me shed light on the transformative impact diaspora engagement can have in Nigeria. With over 17 million Nigerians abroad, our diaspora constitutes a significant resource for national development. Remittances alone exceeded $25 billion in 2023, highlighting Nigeria’s position as a top global recipient. These figures underscore the importance of leveraging the expertise, resources, and networks of our diaspora to drive economic advancement and societal well-being in Nigeria.
In Benue State, we deeply appreciate the vital role diaspora engagement plays in our development endeavors. Our administration is dedicated to tapping into the potential of our diaspora community by fostering an environment conducive to investment and collaboration. Through targeted initiatives and strategic partnerships, our goal is to harness the expertise and resources of our diaspora to unlock opportunities across crucial sectors, particularly agriculture, education, healthcare, power, and mining.
Before delving into the contributions of the diaspora community to Benue, allow me to reaffirm my commitment to the people of Benue State by outlining our seven priority areas, which form the cornerstone of our commitment to our citizens. Under the ‘Renewed Hope agenda,’ our administration places emphasis on: 1) Ensuring the Security of Lives and Property, 2) Promoting Agriculture and Rural Development, 3) Fostering Commerce and Industry, 4) Investing in Human Capital and Social Development, 5) Developing Infrastructure and Preserving the Environment, 6) Advancing Information & Communications Technology (ICT), and 7) Strengthening Political and Economic Governance. This comprehensive agenda encompasses initiatives designed to empower our communities, revitalize our economy, and improve the overall welfare of our people.
In line with our unwavering commitment to this agenda, we hit the ground running from day one. Over the past 10 months, we have initiated the renovation of the state secretariat to cultivate a conducive work environment for our civil service, ensuring their efficiency and productivity in supporting our goals. Additionally, we’ve launched numerous infrastructure projects across the state, transforming the appearance of Makurdi, our state capital, to align with our administration’s urban renewal policy aimed at creating 21st-century cities and smart towns throughout Benue State. We’ve already broken ground and begun work on the first two overhead bridges in Makurdi and Gboko.
Furthermore, we’ve commenced the construction of several township roads to ease traffic congestion and enhance connectivity within our urban centers. Additionally, more than 100 kilometers of roads are currently under construction in various local government areas to facilitate the transportation of agricultural produce from production hubs to market and consumption points. The long-neglected Greater Makurdi Water Works Project has received prompt attention, in line 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 groundwork for enhanced governance and service delivery at the grassroots level.
Alongside these infrastructure initiatives, we acknowledge the significance of digitizing our civil service operations to bolster efficiency and transparency. Embracing technology, our objective is to streamline processes, enhance service delivery, and promote innovative governance practices.
We understand the immense challenge of transforming the Food Basket State and recognize the necessity of broad-based partnerships for development. Consequently, our administration has been diligently implementing various programs to encourage diaspora engagement and attract investments across vital sectors such as agriculture, infrastructure, power, mining, healthcare, and water management. We’ve revamped the Benue Investment Company & Property Company to facilitate Foreign Direct Investment in the state, leveraging resources and expertise across ministries, departments, and agencies to ensure timely, efficient, and accountable deployment, fostering synergy within the government and expediting the bureaucratic processes of conducting business. Our aim is to streamline most business documentation processes within a 24-hour timeframe.
Considering the years of economic neglect and excessive borrowing for consumption by past administrations, our government conducted the first-ever external validation of our financial stability. Recently, Fitch Ratings assessed Benue State’s creditworthiness, offering valuable insights into our fiscal health. We received a B rating. While this rating may highlight areas for improvement, it underscores our government’s commitment to transparency and accountability in managing our finances.
Despite the hurdles we confront, including credit ratings below national standards, Benue State remains an appealing investment destination. Our abundant agricultural resources, untapped mining potential, and strategic position within Nigeria offer unique avenues for growth and progress.
Investors seeking to make a meaningful impact while pursuing reasonable returns will find promising opportunities in Benue State. From agribusiness to renewable energy, and from infrastructure development to mining ventures, the potential for exploration is abundant and ripe.
We’ve initiated collaboration with the Bureau for Public Enterprises to fortify Benue State’s Public-Private Partnership (PPP) framework and establish an electricity regulator, paving the way for industrialization. Recognizing that a well-established PPP framework can mitigate investment risks by offering clear rules, guidelines, and dispute resolution mechanisms, we aim to enhance investor confidence, particularly among diaspora investors who may favor projects with robust regulatory frameworks and oversight mechanisms.
We’ve inherited 25 dormant assets that we aim to revitalize through commercialization, concession, or outright sale to private investors. My team will provide a brief overview to highlight some of the investment opportunities in Benue State, sparking your interest and imagination.
Looking ahead, I encourage you to explore the diverse investment prospects available in Benue State. Whether in agribusiness, renewable energy, mining, or asset concessions, there are abundant opportunities for both substantial returns and positive societal change. Our administration is dedicated to fostering an investor-friendly environment, with supportive policies, streamlined regulatory procedures, and access to land and natural resources.
Collaboration is crucial to achieving our shared vision of prosperity and progress. I call on all stakeholders, including diaspora communities, international organizations, and private sector partners, to join forces with us in maximizing the impact of investments and ensuring sustainable outcomes for our people.
In conclusion, I want to emphasize our steadfast dedication to prioritizing investments that yield favorable social and environmental impacts. Together, we can forge a promising future for every resident of Benue State, where opportunities flourish and prosperity knows no limits.
I eagerly anticipate our ongoing collaboration in spearheading the transformation of Benue State.
