To mitigate the high level of migration in Nigeria or "japa" as it is popularly known, the banking regulatory body of Nigeria; the Chartered Institute of Bankers of Nigeria (CIBN), has introduced a Human Capital Retention Fund. The idea would need the approval of lawmakers before it can be implemented.
- CIBN introduces an innovative solution: the Human Capital Retention Fund.
- The CIBN is also set to collaborate with Afrimax.
- The initiative has been tabled before Nigerian lawmakers.
The Nigerian newspaper, Punch, reported that the Chartered Institute of Bankers of Nigeria, recently opened a dialogue on the alarming rate of migration in the country, with a plausible solution being a Human Capital Retention Fund.
Along with a group from the institution, Ken Opara, President and Chairman of the Council of CIBN, made the news on Thursday at a meeting with the leadership and senators on the Senate Committee on Banking, Insurance, and Other Financial Institutions, as seen in the Punch.
“Some of the initiatives include, strategic intervention in industry-related issues such as the japa issue with the introduction of the Human Capital Retention Fund. This has given rise to the Banking School project which will commence later,” the chairman of the group said.
He also noted that the CIBN would work closely with Afreximbank will work with the Pan-African Payment and Settlement System and conduct a trade certification program.
Read also: Nigeria's "Japa Syndrome" can be a force for economic prosperity: World Bank report
The president of the CIBN explained that the purpose of the team's visit was to discuss thoughts on significant issues and projects impacting the finance and banking industries, as well as to ask lawmakers for help in passing the proposed CIBN Act Bill.
“We commend the Institute for being sensitive to the economic situation which necessitated your invitation of the Governor of CBN for a brief over the state of the economy. The engagements you had and the issues you raised such as Inflation, FX, IMTO, and the clarification on the 43 banned items are all issues of interest to the banking public,” he said.
“We also commend you on the proactive steps taken by this committee to comprehensively review the extant laws within the financial services sector, aimed at fostering economic sustainability and growth,” he added.
