The international financial analysis agency -- Standard and Poor – has awarded a Nigerian state a rare positive credit rating for the prudent and transparent use of public funds.
Rivers state in the Niger Delta received a B rating for what the agency calls “a strong liquidity base, low debt burden and significant ongoing infrastructural investment and urban renewal." Analysts say the report is an endorsement of the policies of Governor Chubuike Amaechi.
David Iyiofor, the governor’s Senior Media Adviser, says the rating can be attributed to his boss’s long term policies of careful management of resources.
“From the word go, Governor Amaechi has run a government of transparency and for him, the records are open, the books are open for everyone to come and see. He has also tried to institutionalize good governance and ensure that the state is run transparently and openly. So for him, it was not a big deal when they came to look at our books for the rating.”
Iyiofor says for local and international businessmen, the rating is a strong endorsement that the state is a viable economic success story.
“The rating is telling everyone to come and do business in Rivers State and that we are open for business. If you look at the rating closely, it actually looks at the area of investment, and people can come and invest- short and long term and be sure of their investment.”
The rating also took into consideration the remarkable security improvement by Gov. Amaechi, Iyiofor says.
“The governor continuously and daily improves security to make sure that the state is safer and better than it used to be in the past. Every day, there is a constant improvement.” He says economic prospects of the state remain bright and the governor would continue to improve in all areas of governance.