By Yakubu Salisu, Kano
The Emir of Kano, Muhammad Sanusi II, has decried the inability of state owned Northern Investment Companies to meet up with the purpose for which they were set up for.
Sanusi made the remarks yesterday, (Wednesday) in Kano during the maiden conference of state-owned Investment Companies of Northern Nigeria, organized by Kano State Investment and Properties Limited (KSIP).
The Emir, represented by the Dan-Adalan Kano, Isyaku Umar Tofa, said it is sad to note that, the Kano Investment Company which was the key element in the movement of the economy of the state in the past has been crippled by avoidable circumstances due to failure on the part of stakeholders to do the needful in order to salvage the situation
According To him, the Company inherited quite a number of industries back in 1972, which has eventually folded up forcing one to ask where have such industries gone too and what has happened to them.
He said, “ the occasion is not for praises but a time to rethink, a time to re-energize and re-strategize, to ensure that we bring out policies that would really move the Northern Economy forward.
“ I think one of the fundamental thing for the Kano state Investment is to ensure the revival of such industries.
We know all of them, they are there lingering, closed, doing nothing. I would advise the State Investment and property Company to put their search light into the manufacturing sector.
All the manufacturing industries they have inherited should be revived, the money is there is only for us to create the opportunity and tap into them.
He charged them to use their use their connections with great people in the financial sectors with well known names in the capital market, to raise huge capital that would be used in the development of the economy especially in the agricultural, manufacturing and other sectors that are important to the Northern Economy, such as solid minerals, commerce and others.
Chairman of the occasion, Alhaji Bashir Dalhatu Wazirin Dutse, revealed that it is sad that the 19 Northern states that owned NNDC have no single banks as against its initial properties of 9 banks.
According to him, as important as banks are to the development of modern economy, it is sad to note that the 19 norther states presently owns no bank as theirs, when compared to the initial state in the late 70s and early 80s when the north has 9 banks.
He added that in most cases government policies are in themselves responsible for the folding of such investment, as bottlenecks and harsh terms aligned as requirement, wouldn’t allow new investments to thrive or at worst wouldn’t allow investment to sprang at all.
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