CBN Plans To Set Up Nigeria International Financial Center

The Central Bank of Nigeria (CBN) has said it will soon establish the Nigerian International Financial Centre (NIFC) to serve as a gateway for capital and investments for Nigeria.

The centre will be driven by technology and payment system infrastructure, CBN Governor Godwin Emefiele disclosed this on Tuesday morning at the ongoing 14th annual banking and finance conference organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja.

“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,” the CBN governor said.

The new financial hub, he said, will curate local and international banks to make them global champions.

According to Emefiele, the NIFC will be a 24/7 financial centre that will complement London, New York and Singapore financial centers and enable an acceleration of Nigeria’s home grown initiatives such as the Infracorp plc, the N15 trillion infrastructure fund which we will be launched in October 2021.

He said the NIFC will also complement other CBN initiatives on the Nigerian Commodity Exchange and the National Theatre creative hubs for Nigerian youths as well as the e-Naira project which he said will also debut in October 2021.

“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 financial hub where monies, ideas, and technology will move freely without hindrance,” Emefiele said.