Bank Chief says Nigeria needs N32 trillion for infrastructural development

By Moses Nosike

The new Managing Director of Urban Development Bank of Nigeria (UDBN), Mr. Kunle Oyinloye, has said that the nation requires about N32 Trillion for infrastructural development in the next ten years to meet the federal Government’s vision 20-20-20 economic targets.

Addressing top and management staff of the bank on yesterday in Abuja, Mr. Oyinloye said that there had been recognition of “chronic inadequacies of infrastructure and basic services” needed to galvanise economic activities in Nigerian villages, towns and cities.

He added that poor infrastructure provision, nationwide, had inhibited foreign investors, stalled the growth of local, small and medium enterprises and put an unnecessary premium on the cost of doing business and achieving economic progress in the country.

The Managing Director said that UDBN was poised to become a leader in addressing Nigeria’s infrastructure challenges in the areas of power, roads, ports, railways, water and waste management , urban transportation, housing and municipal enterprises.

Mr. Oyinloye, who was an Executive Director at Unity Bank PLC until his new appointment, stated that the bank occupied a unique position in the Nigerian financial system as a comprehensive solution provider for the infrastructure market space and municipal finance for urban renewal.

He also said that the bank was primarily designed to assist all tiers of government as well as private and public sector institutions to convert their infrastructure needs into bankable projects.

Stressing the need for team work and commitment to set goals and objectives, the managing director assured that UDBN would become the leading development finance institution in Nigeria and the West African sub-region by investing in commercially and economically viable projects that are environmentally and socially sustainable and will positively change the lives of the citizens.

Mr. Oyinloye, nevertheless, stressed the need for professionalism in all the bank’s transactions with its clients and that there must be total compliance with all new banking policy reforms as enunciated by the Central Bank of Nigeria (CBN) and the federal government by all staff.

In line with the bank’s corporate goals and strategies, the managing director also said that there would be an immediate need to expand its funding alternatives for projects as well as put in place regulatory processes and procedures that would ensure strict adherence to corporate governance.

The Managing Director said that UDBN would build new bridges of collaboration and alliances with foreign development finance institutions and private equity organisations which provide loans and guarantees for its envisioned projects.

Mr. Oyinloye, however, added that development funding  “cannot be totally subjected to commercial considerations, lest there will be no development.”

While assuring the staff of a remuneration package that draws from international best practice, he emphasised that “we must be ready to work hard and smart to generate the income that would sustain the envisaged level of remuneration”.