Before the end of September 2022, the Central Bank of Nigeria (CBN) plans to create a financial center named the Nigerian International Financial Centre (NIFC).
The NIFC, according to CBN Governor Godwin Emefiele, would act as an international gateway for money and investments, powered by technology and payment system infrastructure.
The CBN chairman stated on Tuesday at the 14th annual banking and finance conference of the Chartered Institute of Bankers of Nigeria (CIBN) that the center will be underpinned by certain existing legislation.
He explained that the goal is to encourage international investment into the country, which will help the federal government’s economic growth objectives.
“Within the next 12 months, the central bank will create the Nigerian International Financial Centre,” says the statement (NIFC).
Mr Emefiele stated during the ceremony, which also had President Muhammadu Buhari in attendance digitally, that the NIFC will function as an international gateway for money and investments, powered by technology and payment system infrastructure.
Speaking further, the central banker stated that, “The NIFC will take advantage of our existing laws such as the Bank and Other Financial Institutions Act (BOFIA 2020), Nigerian Export Processing Zone Authority (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.”
The CBN boss further disclosed that when executed next year, the infrastructure will be operational round the clock as it will complement London, New York, and Singapore financial hubs.
According to him, this will propel Infracorp Plc, a N15 trillion infrastructure fund, to be formed in October 2021.
He also said the new financial hub, when operational, would bring together local and foreign banks to create global champions.
The CIBN conference also had in attendance the President of Rwanda, Mr Paul Kagame, as well as other dignataries.