Central Bank Asks States to Set Up Bank of Industry

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

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

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

Ogunleye expressed dismay that in some states without BoI, citizens are compelled to go the extra mile to the nearest state to present proposals or seek assistance from the bank on the finance of projects.