Governor Godwin Obaseki of Edo State has said that national development would be achieved faster in Nigeria when monies, deposits and savings were effectively utilised.
Obaseki, who spoke at the annual Banker’s Dinner in Benin-City, said that effective use of Nigerian monies, deposits and savings was better than foreign exchange for importation.
According to him, Nigeria will not develop if the bulk of the country’s savings is still geared towards buying of foreign exchange for importation.
“Nobody will take it’s savings from its land and bring it here as capital for your development; we have to do it ourselves,” he said.
Obaseki also said that with the recent changes in the country’s monetary environment that had witnessed drop in interest rates, banks should invest in viable ventures to remain financially buoyant.
The governor, an investment banker, said that Edo State was ready to cope with the credit change, and had in the past three years created an enabling environment for businesses.
He said his administration was also ready to partner with the banking sector to get financial inclusion for people in rural communities prone to human trafficking .
“We have made investment in our physical, social and digital infrastructure. We have built roads, working business policies and building infrastructure for digital technology.
“We want to partner with you in the CBN Anchor Borrowers Programme, to include majority of our people in the state.
“The areas where we found human trafficking most prone to were areas with least investment in infrastructure, and therefore financial exclusion,” he said.