There are plans to launch Nigeria into the peers of major global financial centres in the mold of New York, London, Hong Kong, and Singapore. The country’s quest to join a very small elite group of countries operating an international financial hub is likely to materialize from September 2022 when the Central Bank of Nigeria (CBN) will establish The Nigerian International Financial Centre (NIFC).

This was made known during the 14th Annual Banking and Finance Conference organized by the Chartered Institute of Bankers of Nigeria (CIBN). According to the Governor of the Central Bank of Nigeria, Mr.Godwin Emefiele “the NIFC will act as an international gateway for capital and investments, driven by technology and payment system infrastructure”.

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“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.”

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

When operational, “the NIFC will be a 24/7 Financial Centre that will complement London, New York and Singapore financial centers and enable an acceleration of our home -grown initiatives”.

NIFC will complement such initiatives as the Infracorp plc, the N15 Trillion infrastructure fund which we will be launching in October 2021, the National Theatre creative hubs for youths as well as the E-naira project which will also debut in October 2021.

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Emefiele also said that the apex bank’s efforts to strengthen the Loan to Deposit ratio policy has resulted in a significant rise in loans provided by financial institutions to banking customers.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry