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CBN’s N15trn Infrastructure Fund Kicks Off Next Month–Emefiele

Ebuka Daniel

The Central Bank of Nigeria on Tuesday said that the N15trn Infrastructure Fund which will catalyze funding for capital projects will be launched in October this year.

The CBN Governor, Mr Godwin Emefiele said this in Abuja at the annual banking and finance conference organised by the Chartered Institute of Bankers of Nigeria.

The CBN Governor stated that Nigerian banks have become not only strong and resilient, but have also carved a good niche in the world.

To consolidate on the growth and resilience of Nigerian Banks in the last decade, he said the Central Bank, will, in the next 12 months be establishing the Nigerian International Financial Centre.

The NIFC, according to him will act as an international gateway for Capital and investments, driven by technology and payment system infrastructure.

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

He said the NIFC will be a 24/7 Financial centre that will complement London, New York and Singapore financial centers and enable an acceleration of Nigeria’s home grown initiatives such as the Infracorp Plc.

The NIFC, he noted,  will also complement the CBN’s initiatives on the Nigerian Commodity exchange and the

 National Theatre creative hubs for our youths as well as the E-naira project which will also debut in October 2021.

Emefiele explained further that the NIFC will take advantage of existing laws such as the BOFIA 2020, NEPZA and other CBN regulations  to create a fully global investment and financial hub where monies, ideas, and technology will move freely without hindrance.

On digital connectivity, he said robust payment system has continued to evolve towards meeting the needs of households and businesses in Nigeria.

Reflective of the confidence in the country’s payment system, he said between 2015 and 2020, close to $500m worth of funds have been invested in firms run by Nigerian founders.

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