To address the prevalent issue of migration, colloquially known as “japa,” in Nigeria, the regulatory body for banking in the country, the Chartered Institute of Bankers of Nigeria, has put forward the concept of a Human Capital Retention Fund.
However, the implementation of this idea would require approval from lawmakers.
The Nigerian newspaper, Punch, reported that the CIBN engaged in discussions concerning the escalating rate of migration within the country.
A proposed solution emerged in the form of a Human Capital Retention Fund. During a meeting with the leadership and senators on the Senate Committee on Banking, Insurance, and Other Financial Institutions, Ken Opara, the President and Chairman of the Council of CIBN, shared details about this initiative.
Opara stated, “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.”
Additionally, he mentioned that the CIBN would collaborate with Afreximbank, engage with the Pan-African Payment and Settlement System, and conduct a trade certification program.
The purpose of the visit by the CIBN team was to discuss significant issues and projects affecting the finance and banking industries. They sought the support of lawmakers in passing the proposed CIBN Act Bill.
Opara expressed appreciation for the Institute’s sensitivity to economic conditions, highlighting their engagement with the Governor of the Central Bank of Nigeria to address concerns such as inflation, foreign exchange, International Money Transfer Operators, and clarification on the 43 banned items.