Central Bank of Nigeria urges states to establish Industry Banks

The Central Bank of Nigeria has
asked state governments that do
not have industry banks to
facilitate the establishment of
such to speed up industrialisation
and economic development in the
country.

 The Assistant Director, Development Finance
Department of CBN, Abuja, Mr. Babatunde
Ogunleye, said this in Uyo while fielding
questions from journalists.

He stated that the bank, with a mandate to
finance the processing of raw materials and
industrialisation of the nation, was better
positioned to aid small and medium-scale
enterprises.
 He noted that it is not uncommon for
indigenes of states that do not have the bank
to go to the nearest state to present proposal
or seek assistance.
Ogunleye, who was in the state for public
enlightenment of the residents of Akwa Ibom
on the activities of the CBN, said that if there
was an industry bank in the state, the speed of
doing business would be faster and cost-
effective.
 “You can easily work to the next street where
there is industry bank, meet the manager,
present your proposal and get considered,
instead of maybe going to Calabar or any other
nearer state; that is one of the biggest gains of
having the bank.
“Another gain is the speed of doing business;
those who are producing raw materials will
quickly get their products evacuated and get
paid.
 “The bank here will get funded because
payment will get to all these banks; all these
things will amount to improving and increasing
standard of living for citizens and government
will make money quietly through tax revenue
because if business and commerce move,
everybody will be happy,” he said.
According to him, the organised private sector
and associations are the right bodies to
partner government to ensure the industry
bank is established in their states.
It was learnt that the sensitisation workshop
was organised in all the states of the
federation to acquaint members of the public
with 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.