N/East refurbishment: NDIC tasks CBN on incentives
Worried by the level of damage recorded at the North-East part of the country as a result of the Boko Haram sect attack, the National Assembly and the Nigeria Deposit Insurance Corporation (NDIC) charged the CBN to provide incentives for financial institutions to go back to the North East to resume business
Speaking today at the opening of the ongoing worship for business editors and finance correspondence organized by the NDIC in Kano, the Kanu State capital, the Managing Director, NDIC, Umaru Ibrahim pointed that a lot potential exist in that part of the country.
“My feeling is that chief executives (CEOs) of banks in Lagos have forgotten the potentials that exist in the North East. It is our responsibility to make them appreciate the business potentials in the North East”
He urged the National Assembly to push the Central Bank of Nigeria (CBN) to provide the needed incentives to rebuilding the North East.
According to him, the bankers committee which meet annually to discuss on developmental issues to dwell on revival of infrastructure in the North East.
Corroborating with Chairman, Senate Committee on Banking, Insurance and other financial institutions Ibrahim, Rafui Adebayo Ibrahim, said the CBN could give incentives for Microfinance banks to open branches and come back to the North East by giving them some incentives.
Presenting a tagged ‘Rebuilding Financial infrastructure in the North East”, Director Development Finance, CBN Dr M.A Olaitan, said the North East was key to the Nigerian economy, as it is a bastion of commerce and trade with prominent local enterprises and well established trade routes such as the trans-Sahara route.
Represented by Sani Mohammed, deputy director, development finance department , he said the rationale for rebuilding financial infrastructure in the region is compelling as the region has a very high potential for agricultural development and food security.