We’ve secured $4.55bn investment commitments for Benue – BENIPA

The Benue Investment Promotion Agency (BENIPA) Tuesday said it has facilitated investment commitments worth about US$4.55 billion (N6.03 trillion) across 12 major transactions, as the state intensifies efforts to attract private capital for development.

BENIPA executive secretary and chief executive officer, Dr Terhemen Johnpaul Kpenkaan, stated this Tuesday in Makurdi at a press briefing on the agency’s activities from September 2024 to September 22, 2026.

Kpenkaan added that the US$4.55 billion represented the estimated value of facilitated commitments and not cash received by the state or funds already invested, as the projects were at different stages of development.

He said BENIPA had strengthened the investment environment through reforms covering land administration, public-private partnerships, fiscal risk, disclosure and responsible land-intensive agricultural investments.

He said the agency is also driving preparations for the proposed US$4 billion Makurdi Hydropower Project, projected to generate 1,650 megawatts of electricity, subject to comprehensive technical, financial, legal, environmental and fiscal scrutiny.

He said the US$250 million National Food City Complex in the Otukpo axis had moved from proposal to a formal PPP agreement and into implementation, with financial close achieved and an access-road contract awarded.

The BENIPA boss also said the agency had 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.

Kpenkaan said the agency would now focus on turning investment commitments into operational projects by strengthening implementation monitoring, investor aftercare, project preparation, industrial clusters and institutional capacity.