Market News

The Central Bank of Nigeria (CBN) says it will establish the Nigerian International Financial Centre (NIFC) in the next 12 months.

Godwin Emefiele, governor of the apex bank, announced this at the ongoing 14th annual banking and finance conference organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Tuesday.

Emefiele said the centre would serve as a gateway for funds and investments into Nigeria.

He said the NIFC will be driven by technology and payment system infrastructure.

“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,” Emefiele said.

According to Emefiele, the NIFC, when operational, will be a 24-hour financial centre that will complement London, New York, and Singapore financial hubs, allowing Nigerian efforts like Infracorp Plc, a N15 trillion infrastructure fund that will be launched in October 2021, to accelerate.

He said the NIFC 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.

He also said the new financial hub would bring together local and foreign banks to create global champions.

“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,” Emefiele added.