Nigerian banks appreciate on the world chart

Alphonsus Agborh, Asaba - 30.03.2008

Of the 1,000 leading banks in the world, Nigeria occupies the 300th position. It is expected that the position may appreciate to 100th position in the next five years.

This was disclosed in Asaba by the Governor of Central Bank of Nigeria, Prof. Chukwuma Soludo, at the commissioning of the banks’ currency center on Friday.

Soludo, who said the feat was achieved following the recapitalization of the banking sector in 2005, informed that the nation’s banks operate in 16 countries in Africa”, just as we are in the same league with Poland, China and Israel among other nations”.

He said depositors in the country increased from 13million in 2005 to 24million at the end of last year because most people who hitherto kept their monies inside mattresses and local vaults now rush to banks due to the confidence in the system.

Prof. Soludo urged wealthy Nigerians with N20million and above to open more Micro-Finance banks in their communities as the 716 already established were designed to pull the poor along in the economy.

He said the opening of Asaba Currency Center brought to 27 the number of states where CBN has established its presence, expressing optimism that the CBN building in Asaba will be commissioned next year.

In his remarks, Governor Emmanuel Uduaghan, commended CBN for the center. The Governor took time to inform plan to dualize the Ughelli-Ogwashi-Uku-Asaba road as a way of boosting economic activities in Delta ports.

“The state will partner with the private sector in executing the project because of the importance of the road from Warri to the commercial nerve center of Onitsha” he said.