The Benue State Government through the Benue Investment and Property Company (BIPC), says it is poised towards reducing capital flight in the state to the tune of N20 billion before the end of 2025, adding that it is also set to establish 30 Micro Small and Medium Enterprises (MSMEs), in the state thereby creating thousands of jobs in the process.
It also stated that the cumulative annual consumption of some good, including beer consumers stood at over N40 billion in 2022, observing that with the effort of BIPC, 44 percent of capital is expected to be retained in Benue by the end of the year (2025), adding that the company plans to reduce it by 50 percent shortly.
The State Government explained that in other areas, what it was doing in tackling unemployment was completely in line with the resolutions of the Joint Planning Board (JPB) and National Council Development Planning (NCDP) Resolutions of the National Economic Council (NEC) in the state.
The Group Managing Director (GMD), BIPC, Dr Raymond Asemekaha, revealed this during the second day of the visit of the Implementation Monitoring Committee (IMC) from the secretariat of the NEC, on the implementation of its resolutions.
Meanwhile, the Director, Special Duties in the Federal Ministry of Budget and Economic Planning, Dr Gloria Ahmed, has rated Benue state high in implementing the resolutions of NEC, advising other states to take a cue from Benue.
Dr Ahmed, who is also the Director in charge of the secretariat of the National Economic Council, while speaking with newsmen said “We are here (Benue) to track the implementation of NEC resolutions and also to track the resolutions reached at the National Joint Planning Board (JPB), and National Council on Development Planning (NCDP) in 2024.
“So far, we have gone round the state and I must tell you that we are impressed with what we have seen. My impression is that His Excellency (Rev Fr Hyacinth Alia) has successfully assembled a team of young visionary leaders; men who have a vision to turn around the state.
“I have heard them speak and I’m blown away. I have heard them speak about the Master Plan from each of these MDAs, we have visited. We have also seen projects on the ground. I have learnt a lot just going round. I have picked samples of how to make nylon, bottles, but that’s on a lighter note.
“But what I am trying to say is that a whole lot is going on in Benue state, which I think other states should emulate. I was just talking to the DG, National Planning, that there is need to bring the Community of Practice, that is the platform of Commissioners of Budget and Economic Planning across the 36 States to Benue for a conference, so that they will go round and see what Benue state is doing so that they can also go back to their various states and replicate what we have seen here.
“We are truly impressed, and we are grateful that the lives of the people are being impacted. We were there at the bakery, we saw how women were hustling to get bread; it’s an empowerment for the women.
“We heard testimonies and watched a video of a lady who said she sells bread to raise money to pay her children’s school fees and pay for Junior WAEC, after she lost her husband and testimony of a Pastor who used proceeds from the sale of bread to buy a bike after the bike he was using got stolen so that’s a serious empowerment for the people of the state and they (BIPC) are opening branches all over the state. This is worthy of emulation by other states.”
Asked to rate Benue, Dr Ahmed simply said, “I will rate Benue high because I can see a whole lot going on and we are truly pleased and we will report back what we have seen when we return to Abuja,” she said.
Earlier, the GMD, BIPC, Dr Raymond Asemekaha, who said the state was set to address issues associated with capital flight, especially the consumption of beer, which stood at about N1 billion monthly, noted that it also plans to protect consumers from the exploitative tendencies of overambitious producers.
He said, “Aligning with JPB/NCDP, 2023, resolutions in tackling unemployment and skill acquisition BIPC is targeting the establishment of 30 MSMEs, creating thousands of jobs knowing the fact that the output has to exceed the population growth for the economy to be stabilized.
“Reduce capital flight, ensuring economic circulation within Benue, stimulating GDP growth, employment rate and redirecting the economy of the state.
“The cumulative annual consumption value of these good exceeded N40 billion in 2022, but with the effort of BIPC, 44 percent of this capital is expected to be retained in Benue by the end of the year (2025), fueling a significant industrial revolution”, adding that the company plans to hit the 50 percent mark shortly.
“So what we are doing today is to take them (Implementation Monitoring Committee) round to see what we have been doing. Under the leadership of His Excellency, the Executive Governor, we are trying as much as possible to redirect the economy of the state so that we will retain our money, our cash flow within the system, knowing that the population has grown and the output is relatively low so the only thing to do is to mitigate and increase the capacity of the production within the state.
“Let it be on record that the bread factory we are developing in Gboko now is out of the proceeds of the bread factory in Makurdi. Even the one that is ongoing in Otukpo is from the same proceeds of the sales of bread. So we are not bringing money from anywhere else. It’s the bread factory in Makurdi that is feeding the other businesses. So this is the model that has been put in place.”
Speaking on the successor policy of the state government for BIPC, Dr Asemekaha explained that “We have started work on a successor policy plan and that’s why I told you about KPMG. We are working with a model so that after my exit, my successor will be picked in-house.
“Many people don’t last in business because they don’t have a succession plan, so we are training the people in-house who will watch, nurture the business, so that after my tenure, they should be able to manage those businesses. So the greatest fear is who will take over from me. If they do not have the requisite background needed to manage the company, then the business may crumble,” he observed.
In his assessment of the state, the Team Lead of the Implementation Monitoring Committee (IMC) for North-Central, Prof Jerome Andohor, who is also the Director General and Chief Executive Officer (DG/CEO), Benue State Budget and Economic Planning Commission,
said, “Without bias, I’d like to say that under the leadership of His Excellency, Rev Fr Hyacinth Alia, he has picked the best team possible; square pegs in square holes, and they are doing wonderfully well in all sectors of the economy.
“So by and large, I will say that everybody knows his onions of what he’s supposed to do and the mandate of his ministry or sector, and they are doing great,” said Prof Andohor.