Central Bank Urges States to Set up Bank of Industry

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Okon Bassey in Uyo

The Central Bank of Nigeria (CBN) has advised state governments without the Bank of Industry (BoI) to facilitate the establishment of Bank of Industry in other to speed up industrialisation and economic development across the country.

The Assistant Director, Development Finance Department of CBN, Abuja, Mr. Babatunde Ogunleye made the call Tuesday in Uyo, Akwa Ibom State while fielding questions from newsmen.

He argued that the BoI with the primary mandate to finance the processing of raw materials and industrialisation of the nation was better positioned to help the Small-Medium Enterprises (SMEs) in the country to engage the citizens.

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

The Assistant Director who was in the state for a public enlightenment of the residents of Akwa Ibom State on the activities of the CBN declared that, if there was 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 considered instead of may be going to Calabar or any other nearer states, that is one of the big gains of having B0I.

“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 were the right body to partner with government to ensure the BoI was established in their state.

The sensitisation workshop being organised in all the states of the federation is to counsel members of public on the activities of the CBN, what they have put in place some published but people do not know or aware.

The 3-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 had 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 had waded into 8,044 complaints out of which 354 complaints were against commercial banks and other financial banks.

According to him, the CBN had successfully resolved complaints that involved 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 workshop participants of the Clean Note Policy of the Bank and how to handle the naira.