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Nigeriaâs Rivers State Gets Rare Positive International Credit Rating

   Chinedu Offor | Washington DC 13 October 2010

   The international financial analysis agency -- Standard and Poor â 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 âa 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  governorâs Senior Media Adviser, says the rating
   can  be  attributed  to  his  bossâs  long  term  policies  of careful
   management of resources.

   âFrom   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.â

   Iyiofor  says for local and international businessmen, the rating is a
   strong endorsement that the state is a viable economic success story.

   âThe  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.â

   The  rating  also  took  into  consideration  the  remarkable security
   improvement by Gov. Amaechi, Iyiofor says.

   âThe  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.â  He  says  economic
   prospects  of  the state remain bright and the governor would continue
   to improve in all areas of governance.

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