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.
CBN Assistant Director, Development Finance, Mr. Babatunde Ogunleye, in a chat with newsmen in Uyo, Akwa Ibom State, said such an institution with the primary mandate to finance the processing of raw materials and industrialisation of the nation was better positioned to help the micro, small and medium scale enterprises (SMEs) in the country.
Ogunleye decried that non establishment of the BoI in some states was forcing citizens to go extra miles like the nearest state to present proposal or seek assistance from the bank on the financing of projects.
The senior official noted that, with 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 BOI,” 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 is holding in all the states of the federation to enlighten members of the public on the activities of the CBN.