The Central Bank of Nigeria (CBN) says the Bank of Industry (BoI) is necessary for rapid growth of small and medium enterprises in Nigeria.
Babatunde Ogunlaja, the CBN Development Finance Manager, made the observation in Uyo on Thursday while talking to newsmen at the CBN Fair.
The apex bank also advised state governments to facilitate the establishment of BoI in their states to speed up industrialisation and stimulate economic activities nationwide.
Ogunlaja, who is an Assistant Director in CBN, said that BoI had the primary mandate of financing processors of raw materials and industrialisation.
He said that the bank was well positioned to help Small and Medium Enterprises (SMEs) by providing them funds.
Ogunlaja expressed regret that some states like Akwa Ibom did not have BoI branch, thereby compelling citizens to seek assistance miles away in other states with BoI.
“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 walk to the next street where there is BoI, meet the manager, present your proposal and get consideration, that is one of the big gains of having BoI.
“Another gain is the speed of doing business, especially those who are producing raw materials will quickly get their raw materials evacuated and get paid,” he said.
Ogunlaja said that the organised private sector and associations were the right bodies to partner with government to ensure that BoI branches was established in their states.
Sanni Mohammed. a Senior CBN Manager and Director of Consumer Protection, said that bank customers had the right to information, choice, safety, redress and privacy.
Mohammed also said that the bank customers had right to confidentiality and good service from any bank of their choice.
He said that the Consumer Protection Department of the CBN had investigated 8,044 complaints against financial institutions of which 354 complaints were against commercial banks.
Mohammed said that CBN had successfully resolved complaints involving N35 billion, advising participants at the fair to always lodge complaint and follow-up.
Participants at the fair were taught about electronic banking system and clean note policy of the bank.
The News Agency of Nigeria (NAN) reports that participants were also taught how to handle naira notes.
The sensitisation programme in Akwa Ibom people was designed to educate citizens, small business owners and entrepreneur about CBN’s activities and how to access funds for business development.
The two-day forum has the theme “Promoting Financial Stability and Economic Development”.
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