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Former Minister of Information, Jerry Gana, has criticized Nigerian banks and economic “gatekeepers” for hindering both local and foreign investors from conducting business in the country. Speaking at a press conference on Thursday, Gana highlighted high exchange rates and the manipulation of foreign exchange as major obstacles to Nigeria’s business environment.
He accused financial institutions of deliberately restricting access to foreign exchange, which discourages prospective investors. Gana stressed that despite Nigeria’s large population of over 200 million, making it an attractive market, banks are not facilitating growth but instead enriching themselves at the expense of the economy.
“The banks are growing wealthier while frustrating investment opportunities. If I were in charge, I would revoke their licenses for such behavior,” Gana stated. He urged the government to address these critical economic issues to attract more investors and stimulate growth.
The former Social Democratic Party presidential candidate made these remarks while announcing the upcoming African Biblical Leadership Initiative (ABLI) conference, set for October 21 in Abuja. The event, themed Value-based Leadership Model for Africa, aims to promote the rise of transformational leaders across Africa, with a special focus on Nigeria.