The Northern Elders Forum has cautioned the Central Bank of Nigeria (CBN) over its planned decongestion of its headquarters in Abuja, saying it may lead to resignation of staff.
Daily Trust had earlier reported plans by the CBN to relocate major departments from the Abuja headquarters to the former headquarters in Lagos.
In a statement Abdul-Azeez Suleiman, Director Publicity and Advocacy at NEF, the Forum expressed its worry about the potential negative impact of relocating these essential departments on both the institution itself and the nation as a whole.
According to the NEF, “The CBN has a well-established workforce in Abuja, including professionals with significant knowledge and experience. Moving key departments to Lagos may lead to a loss of skilled employees who are unable or unwilling to relocate. This brain drain could negatively impact the CBN’s performance and efficiency.
“Relocation would lead to a temporary disruption in the CBN’s operations. Employees would need time to adjust to their new surroundings, potentially causing delays in decision-making and implementation. The transition period could result in reduced productivity, inefficient processes, and decreased service levels, further impacting the CBN’s effectiveness.”
Giving more insights on the consequences, NEF added that “Relocating key departments away from the nation’s capital could send a negative signal to both local and international investors. It may raise concerns about political stability, policy consistency, and the government’s commitment to regional inclusiveness. This could lead to reduced investor confidence in the Nigerian economy, ultimately impacting foreign direct investment, capital inflows, and overall economic growth,”
The Forum added that the North, which is home to a significant portion of Nigeria’s population, would be disproportionately affected by the relocation with reduced access to economic opportunities and financial services further widening the economic gap between Northern Nigeria and other regions, potentially exacerbating social and political tensions.
NEF further urged the CBN and relevant authorities to prioritize the nation’s overall progress and the well-being of its citizens while recommending a holistic approach that considers not only the efficiency and effectiveness of departmental operations but also the livelihoods and future development of all regions of Nigeria.
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