Benue investment coy to boost state’s GDP to 8m dollars – MD

“Our aspirations are that in the last quarter of this year, we shall organise the Beninvest 2024 Summit."


Benue investment coy to boost state’s GDP to 8m dollars - MDThe management of Benue Investment and Property Company Limited (BIPC), says plans are on the way to boost Benue’s Gross Domestic Product (GDP), from 5.4 million to eight million dollars.

BIPC’s Managing Director (MD/CEO), Dr. Raymond Asemakaha, who disclosed this at a news conference on Tuesday in Makurdi, noted that the company’s current net worth was N17.8 billion.

Asemakaha said the company was determined to boost the state’s economy, GDP, and completely change the economic fortunes of Benue people.

He said the company planned to carry out massive planting of palm trees across the three senatorial districts in the state, towards achieving the set target.

“To key into the vision of Gov. Hyacinth Alia, I have moved to further formulate projects that will stimulate the economy and improve the GDP from 5.4 to eight million dollars.

“To this end, I am glad to announce to the people of the state that we will soon launch Benue Palm Oil.

“Palm oil is being imported into the country today, and because of the global economic crisis and the blocking of the Red Sea; it’s becoming increasingly difficult to get the product here.

“We plan to set up a palm plantation in each zone of the state. In a few years to come, we will provide raw materials for the plant with surpluses exported,’’ he said.

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Asemakaha said he had directed the company’s real estate and investment department, to commence work on 10 out of the 23 hectares of land in Abinsi, Guma Local Government Area (LGA), of the state, for the palm plantation project.

He announced that the total net worth of the company stood at N17.8bn, adding that while the total share capital of the company was N8.3bn, performing and non-performing assets stood at N9.5bn.

BRANDPOWER reports that the MD further disclosed that the company was also going to use its remaining 13 hectares of land at Abinsi to build a housing estate for low income earners.

He said the company organised the first-ever Benue Local Investors Forum (BELIF2023), where local investors jointly identified the challenges confronting investments, and hindering business operations in the state.

“Our aspirations are that in the last quarter of this year, we shall organise the Beninvest 2024 Summit.

“In the summit, we will usher in state economic prosperity, similar to or more than what is obtainable in Kaduna.

“With the summit, our target will be to make Benue State the number one investment destination in Nigeria, thereby attracting both foreign and local investments,” he said.

Asemakaha, who expressed regrets that the company had spent huge sums of money on some projects without any visible proof, said with effect from March 1, BIPC would go digital in all its operations.

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