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Nigeria to join New York, Singapore as CBN announces date for NIFC establishment

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The Central Bank of Nigeria (CBN) has announced that it will establish the Nigerian International Financial Centre (NIFC) in September 2022. 

CBN Governor Godwin Emefiele made this known today, Tuesday, September 14, at the ongoing 14th annual banking and finance conference organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja.

Emefiele explained that the centre would serve as a gateway for funds and investments into Nigeria, saying the NIFC will be driven by technology and payment system infrastructure.

He said: “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.”

The CBN boss also said that 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 noted that the NIFC would also 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.

According to him, 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 said.

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