By Tony Nyong

UYO—FITCH, an international assessment outfit, has placed Akwa Ibom State Government first in the 2012 rating of the economy and finances of states, thereby attracting commendations from all over the country.

The recent B+ rating of the state’s economy by the Fitch Ratings International, has also generated excitement among members of the government.

State Commissioner for Finance, Mr. Bassey Akpan, who spoke to journalists after the state was scored so high, said the rating shows that the state economy as piloted by Governor Godswill Akpabio has a positive outlook that is moving towards a destination of choice.

Speaking through the Permanent Secretary in the Ministry, Mr. Nse Ekefre, the Finance Commissioner said: “We want to let you know that the government of Akwa Ibom State is very happy with this development. This rating has further confirmed that the economy of the state is stable for  investments.”

With this rating, we are further strengthened that foreign investors who are interested in partnering Akwa Ibom in doing business will find it profitable especially considering the huge infrastructure that has been put in place to drive the economy.”

Guido Bach, Senior Director and Committee Chairperson of Fitch Ratings in a letter to Akwa Ibom government said the ratings could be upgraded if budgetary performance remains strong, in line with its expectations and improving financial disclosure.

Bach warned that budgetary performances weakening beyond Fitch’s expectations and or a resurgence of local unrest undermining oil revenue generation could lead to a revision of the outlook to stable or a downgrade.

Bach urged the state government to continue to prioritise projects that foster social and economic growth and create job opportunities such as the airport, power projects, entertainment centre, a refinery and a seaport.

He said as investment remains largely calibrated to budgetary surpluses, Fitch expects capital spending to be around N200 billion per annum over the medium term moderating the deficit before debt variation to five percent.