Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has disclosed that the apex bank is in the process of setting up the Nigerian International Financial Centre (NIFC).
The centre, when established, will act as a gateway for funds and investments into the country and will be driven by technology and payment system infrastructure.
Emefiele stated this in his presentation to the Chartered Institute of Bankers of Nigeria’s 14th annual banking and finance conference in Abuja, on Tuesday.
He said the centre, which will be ready in the next 12 months, will bring together local and foreign banks to create global champions as well as operate 24 hours, to complement London, New York, and Singapore financial hubs.
Emefiele further noted that with the NIFC in place, Nigerian efforts like Infracorp Plc, a N15 trillion infrastructure fund that will be formed in October 2021, will be able to accelerate, just as it will 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 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 added.