The CBN’s Relocation Plan: A Threat to the North and the Economy, Says NEF

The Northern Elders Forum (NEF) has expressed its concern over the plan of the Central Bank of Nigeria (CBN) to relocate some of its vital departments from Abuja to Lagos. The NEF argues that this move would have adverse consequences for the CBN and the northern region of the country.

According to the NEF’s Director of Publicity and Advocacy, Abdul-Azeez Suleiman, the relocation plan would entail a huge financial cost, a loss of coordination, a widening of regional inequality, and a setback for economic development in the north.

Suleiman stated that the CBN would have to spend a lot of money on setting up new offices, acquiring or renting properties, moving employees, and providing other infrastructure. This would put pressure on the CBN’s budget and divert resources from other important functions and initiatives.

Suleiman also warned that the relocation plan would result in a brain drain, as some of the CBN’s skilled employees may not be able or willing to move to Lagos. This would affect the CBN’s performance and efficiency, as well as create a temporary disruption in its operations. He added that the employees who would move to Lagos would need time to adapt to their new environment, which could cause delays in decision-making and implementation.

The NEF urged the CBN to reconsider its relocation plan and to maintain its key departments in Abuja, the federal capital. The NEF said that this would ensure the CBN’s optimal functioning, as well as promote regional balance and economic development in the north.

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