CBN to Establish Nigerian International Finance Centre (NIFC) to Mobilize Capital and Investments

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Tuesday, September 14, 2021 / 6:28 PM / Oluwakemi Enitan Falayo for WebTV / Header Image Credit: Instagram; cibnigeria

 

The Central Bank of Nigeria, as part of efforts in deepening financial services will establish the Nigerian International Financial Centre, NIFC, in the next 12 months to mobilize capital and investments.

 

Mr. Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), made this point at the 14th Annual Banking and Finance conference organised by the Chartered Institute Bankers Nigeria (CIBN). 

 

According to him, the NIFC will serve as a 24-hour hub to complement the London, New York and Singapore financial centers. The NIFC he stated will create a platform for capital, ideas, and technology to flow seamlessly without any hindrance.


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He provided further insight that the NIFC will act as an international gateway for capital and investments, driven by the technology payment system infrastructure, and create local and international banks to make them global champions.

 

At the conference, he also informed stakeholders that Infraco plc, the infrastructure company created by the Central bank of Nigeria and other investments with a debt and equity start-up fund of N15trn will be unveiled by October 2021.

 

The CBN Governor thanked the banking community for listening and responding to his call at the 13th conference of last year due to the challenges of the COVID  19 pandemic. 

 

He acknowledged that the Coalition Against COVID-19 (CACOVID) initiative, led by the CBN with support from the banks and private sector provided relief and strategic interventions across the federation during the heat of the pandemic.

 

Speaking further, Emefiele noted that CBN interventions for SMEs and households during the pandemic outbreak in 2020  played a significant part in stimulating economic activities after the lockdown. Citing the case of inflation, he said from the peak of 18.17%, it has dropped significantly to 17.38%  in July 2021 and hopefully, before the end of the year, it will reduce to 15%. 

 

The two-day 14th Annual Banking and Finance conference focuses on the theme "Economic Recovery, Inclusion & Transformation: The Role of Banking & Finance".


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