A group representing Nigeria’s northern elders has warned the Central Bank of Nigeria (CBN) against moving important departments from Abuja to Lagos State, arguing that doing so will cause a loss of talented individuals.
The National Economic Forum (NEF) warned that this action would temporarily halt CBN’s activities, which might have an adverse effect on the bank’s productivity and efficiency.
According to Abdul-Azeez Suleiman, NEF’s Director of Publicity and Advocacy, there would be a number of negative outcomes stemming from the move, including higher costs, less coordination, regional economic imbalances, and stunted economic development in northern Nigeria.
According to Suleiman, the Central Bank of Nigeria (CBN) would have to spend a lot of money on infrastructure needs such buying or renting buildings, moving offices, and paying personnel to do their jobs elsewhere.
This will put a burden on the CBN’s finances and take money that may be better used for other important projects.
Some talented workers may be reluctant or unwilling to go to Lagos, which could cause important departments to be relocated. The efficiency and effectiveness of the CBN could be greatly affected by this exodus of talented individuals.
The CBN’s operations would be temporarily interrupted due to relocation.
“Delays in decision-making and implementation could occur as employees adjust to their new surroundings.”
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