An economist, Dr. Peter Medee, says the planned relocation of some offices of the Central Bank of Nigeria (CBN) and the headquarters of the Federal Airport Authority of Nigeria (FAAN) to Lagos State is economically appropriate.
This comes as some Northern lawmakers criticised the federal government's decision to relocate the Department of Banking Supervision of the CBN to Lagos, along with the head office of FAAN.
Dr. Medee, speaking on Nigeria Info’s Morning Crossfire, explained that regardless of whether the planned relocation has any political undertone, it will help reduce the cost of production and minimise the loss of man-hours for these sectors.
Highlighting the issue of financial fraud plaguing the banking sector, Dr. Medee emphasised that relocating to Lagos would facilitate the CBN’s supervision, considering that the headquarters of most banks are situated in Lagos State.
The economist therefore urged support for the policy, saying it has the potential to enhance effective coordination and address the ailing Nigerian economy.
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