CBN urges states to establish industry banks

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The Central Bank of Nigeria has asked state governments that do not have industry banks to facilitate the establishment of such to speed up industrialization 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 industrialization 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.

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