The Central Bank Of Nigeria is set to roll out the N15 trillion Infrastructure Corporation of Nigeria (Infra-Co) for establishment of the Nigerian International Financial Centre, NIFC in the next 12 months.
CBN Governor, Godwin Emefiele dislosed that the NIFC will act as an international gateway for capital and investments in the country. The company is expected to get its initial seed capital from the CBN, the Nigerian Sovereign Investment Authority, NSIA, and the Africa Finance Corporation.
Emefiele said: “InfraCorp would enable the use of mostly private capital to support infrastructure investment that will have a multiplier effect on growth across critical sectors. The purpose of the N15 trillion being raised is to address some of our infrastructure needs while providing reasonable returns to investors. We believe this well-structured fund can act as a catalyst for growth in the medium and the long run. The support of the banking community will be important in achieving this objective.”
The NIFC will act as an international gateway for capital and investments, driven by technology and payment system infrastructure. When operational, the NIFC will be a 24-hour financial centre that will complement London, New York, and Singapore financial hubs.
Emefiele noted that 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.