Central Bank of Nigeria (CBN) says it will establish the Nigerian International Financial Centre (NIFC) in September 2022.
Gatekeepers News reports that the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, on Tuesday announced that the NIFC would serve as a gateway for funds and investments into Nigeria.
Emefiele disclosed this at the ongoing 14th annual banking and finance conference organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja.
The Governor of the apex bank said the centre will be driven by technology and payment system infrastructure.
Emefiele said, “Central Bank, will, in the next 12 months be establishing the Nigerian International Financial Centre (NIFC). The NIFC will act as an international gateway for capital and investments, driven by technology and payment system infrastructure.”
He added that the NIFC, when operational, will be a 24-hour financial centre that will complement London, New York, and Singapore financial hubs, adding that this will allow Nigerian efforts like Infracorp Plc, a N15 trillion infrastructure fund that will be launched in October 2021, to accelerate.
According to him, the Centre would complement other CBN efforts, such as the Nigerian Commodity Exchange and the National Theatre’s creative hubs for Nigerian youths, as well as the e-Naira project, which will be launched in October 2021.
The CBN Governor said the new financial hub would bring together local and foreign banks to create global champions.
He added, “The NIFC will take advantage of our existing laws such as the BOFIA 2020, NEPZA, and other CBN regulations to create a fully global investment and a financial hub where monies, ideas, and technology will move freely without hindrance.”
