CBN Tasks States to Set Up Bank of Industry

CBNThe governor of the Central Bank of Nigeria (CBN), Mr. Godwin Ifeanyi Emefiele

The Central Bank of Nigeria (CBN) has advised states without a Bank of Industry to facilitate the establishment of one in order to speed up industrialisation and other economic development across the country.

The Assistant Director, Development Finance Department of CBN, Abuja, Mr. Babatunde Ogunleye made the call recently in Uyo, AkwaIbom State while responding to questions from newsmen.

He argued that such an institution with the primary mandate to finance the processing of raw materials and industrialisation of the nation is better positioned to help the micro, small and medium scale enterprises (SMEs) in the country.

Ogunleye expressed dismay that in some states without the establishment of the BoI, citizens are compelled to go extra miles like the nearest state to present proposal or seek assistance from the bank on the financing of projects.

The Assistant Director who was in the state for a public enlightenment of the residents of AkwaIbom on the activities of the CBN declared that, if there is BoI in a state “the speed of doing business will be fast and the cost of doing business will be low.”

“You can easily work to the next street where there is BoI, meet the manager, present your proposal and get consider instead of may be going to Calabar or any other nearer states, that is one of the big gains of having B0I,” he stressed.

“Another gain is that, the speed of doing business, especially those who are producing raw materials will quickly get their raw materials evacuated and get paid.

“The bank here will get funded because payment will get to all these banks, all these things will amount to improve and increase standard of living for citizen and government will make money quietly through tax revenue because if business and commerce move everybody is happy.” he added.

Ogunleye maintained that the organised private sector and associations are the right body to partner with government to ensure the BoI is established in their state.

The sensitisation workshop being organised in all the states of the federation was to enlighten members of the public on the activities of the CBN.

The three-day workshop with the theme “Promoting Financial Stability and Economic Development” was attended by farmers, cooperative societies, business entrepreneurs, industrialists, market women, bankers, civil servants and government across the state.

A Senior Manager and Director of Consumer Protection Department of CBN, Sani Bako Mohammed in his presentation, said customers have the right to information, choice, safety, redress, privacy and confidentiality and good service from any bank of choice.

He disclosed that the Consumer Protection Department of the CBN has prosecuted 8,044 complaints out of which 354 complaints were against commercial banks and other financial banks.

According to him, the CBN has successfully resolved complaints that involve about N35 billion explaining procedures to the audience on how to lodge complaint and follow-up.

A Director in the CBN of the Electronic Banking Payment System Department, Mr. B. I. C. Madunagu briefed the participants of the Clean Note Policy of the Bank and how to handle the naira.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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