The Benue Investment Promotion Agency (BENIPA) has announced that it has facilitated investment commitments worth approximately $4.55 billion across 12 major transactions. This development is part of the state's efforts to attract private capital for development. BENIPA's executive secretary and chief executive officer, Dr. Terhemen Johnpaul Kpenkaan, revealed this information at a press briefing on the agency's activities from September 2024 to September 22, 2026.
According to Dr. Kpenkaan, the $4.55 billion represents the estimated value of facilitated commitments and not cash received by the state or funds already invested. The projects are at different stages of development. BENIPA has strengthened the investment environment through various reforms, including land administration, public-private partnerships, fiscal risk, disclosure, and responsible land-intensive agricultural investments.
One of the major projects is the proposed $4 billion Makurdi Hydropower Project, which is expected to generate 1,650 megawatts of electricity. The project is subject to comprehensive technical, financial, legal, environmental, and fiscal scrutiny. Additionally, the $250 million National Food City Complex in the Otukpo axis has moved from proposal to a formal PPP agreement and into implementation.
The National Food City Complex has achieved financial close, and an access-road contract has been awarded. Furthermore, BENIPA has resolved a legacy lease encumbrance on Taraku Mills, clearing the way for the subsequent investor-led revival of the state-owned facility through the Benue Investment and Property Company.
Dr. Kpenkaan stated that BENIPA will now focus on turning investment commitments into operational projects. To achieve this, the agency will strengthen implementation monitoring, investor aftercare, project preparation, industrial clusters, and institutional capacity. This move aims to ensure that the investment commitments translate into tangible development projects in the state.
BENIPA's efforts to attract private capital for development are crucial for Benue's growth and economic development. The state's investment market is expected to benefit from these initiatives, creating new opportunities for investors and driving economic progress.
The agency's achievements demonstrate its commitment to promoting investments in Benue. With a focus on implementation and monitoring, BENIPA is poised to play a vital role in shaping the state's economic future. The $4.55 billion investment commitments are a significant milestone, and the agency's efforts will be closely watched in the coming months.
Key points
- Benue Investment Promotion Agency facilitates $4.55 billion in investment commitments.
- The investment commitments are across 12 major transactions, with projects at different stages of development.
- BENIPA to focus on turning investment commitments into operational projects.
