Oceanic Bank International Plc has announced its willingness to support the northern states in their bid to finance major infrastructural projects across the region as a way of boosting the economy of the region.

Speaking at the Northern Nigeria Economic and Investment Summit (NEIS) 2008 in Abuja last week, Managing Director/Chief Executive officer of the bank, Dr. (Mrs.) Cecilia Ibru said the bank was willing to fund infrastructure in the region "because infrastructure remains one of the main pillars on which an economy can stand".

Mrs. Ibru, who was represented at the occasion by the bank’s executive director, North, Charles Mekwunye, said no country in the world has successfully grown its economy without solid infrastructure in power, transport and other utilities sector.

She said a sound infrastructure is critical in order for a country, region or state to be able to attract Foreign Direct Investments (FDIs).

"It has been established that one of the potent means of enhancing the economic well being of any country is through the provision and development of infrastructure. This is because it brings about accelerated economic growth as it builds the confidence of both domestic and international investors," she said.

She advocated more public private partnerships as a way of bridging the infrastructure gap that currently exists in the country, pointing out that Oceanic Bank has already entered into many PPP agreements with the federal and different state governments in the country to execute some projects.

"Examples of these projects include the N12 billion financing of the new Kano economic city currently under construction. The new city-market will replace the old singer market in the ancient city," she said.