Princewill Odidi|26 October 2017
A very good friend of mine called last night from Nigeria to discuss a proposal on the formation of the Niger Delta Development Bank to provide development and infrastructure loans to the region.
The concept made a lot of sense. If all the billions channeled to the NDDC over the years he argued, was channeled to the Niger Delta bank it would have been one of the largest development banks in the Africa with substantial regional equity and capital capable of financing core infrastructural needs in the region.
It would have bridged the finance gap, and instead of our governors traveling overseas in search of foreign loans, they would have just applied to the Niger Delta Bank. Just wondering why our leaders could not conceive a concept like these.
Through soft loans and grants the bank would have still provided the same infrastructural support services NDDC is presently performing.
Moreso, the Niger Delta Bank would have partnered with some key international institutions like world bank, international monetary funds and US Exim bank to procure development finance for several start up projects in the region.
It would shape and redefine the growth of the private sector in the region and would have served as the bank of choice for multi national corporations and oil companies in the region.
What a smart thinking from one of our brightest son and brother in the development industry. It is so surprising that we have international experts in different sectors to make a concept like these operational with ease.
I bought into the idea immediately and can easily forecast its success and sustainability. We can never go wrong on these, I am game, I told him.
I further told him I am on board to bring in my technical expertise too. Concepts like these if properly harnessed and we bring in our expertise from different sectors is capable of transforming our region.
We are working on putting it together. If the individual state governors in the region are willing they can subscribe and own equity in the bank including the NDDC and some multi national Companies. A concept worth a billion dollars. Wonder why our leaders never thought of these!
Princewill Odidi
Is a Social Commentator writing from Atlanta
