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CBN is building the International Financial Center in Eko Atlantic City by the second quarter of 2022

 

The Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele said the main bank would build an international financial center in Eko Atlantic City by the second quarter of 2022 for investors looking to invest in critical sectors of the economy. 

The center, which would serve as a gateway for funds and investments in Nigeria, is powered by the technology and infrastructure of the payment system. This revelation was made by Emefiele when speaking at the 56th Annual Bankers Dinner of the Chartered Institute of Bankers of Nigeria (CIBN). , Friday evening, in Lagos. 

According to the Nigerian News Agency, Emefiele noted that access to large amounts of cheap investment capital is a major challenge in supporting growth in key sectors of the Nigerian economy.

Emefiele said in his statement: “Today there is more than $ 100 trillion in the hands of institutional investors in the Organization for Economic Co-operation and Development (OECD) countries, most of them investing in low-income assets-opportunities in Nigeria.” 

Working to Benefit The fund pool requires an investment framework to be designed that provides comfort and security to investors looking to invest in critical sectors of our economy.

“In this regard, the Central Bank of Nigeria is working to establish an international financial center in Eko Atlantic City, Lagos, which will serve as a hub to attract domestic and foreign capital needed to strengthen our post-COVID economy.” 

The Finance Center, when fully operational in the second quarter of 2022, will help position Nigeria as a major destination for investing in Africa.

Recall that during September 2021, Emefiele introduced that the CBN will set up the Nigerian International Financial Centre (NIFC) withinside the subsequent one year to function a gateway for budget and investments into Nigeria.

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Written by T.I Ukende

T.I Ukende is a professional writer and ICT consultant. He has written many evergreen articles for Benuecast blog, classicgist, ellabase and many others before birthing the newsway blog.
Newsway delivers well researched and undiluted information on business, employment opportunities, personal finance and government empowerments.

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