CBN To Establish International Finance Centre At Eko Atlantic City 

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CBN Distributes N108.65 Billion To Hospitals And Pharmaceutical Companies.
CBN Distributes N108.65 Billion To Hospitals And Pharmaceutical Companies.

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, said that the apex bank would set up an International Financial Centre at the Eko Atlantic City by the second quarter of 2022, for investors seeking to invest in critical sectors of the economy.

The Centre, which would serve as a gateway for funds and investments into Nigeria, will be driven by technology and payment system infrastructure.

This disclosure was made by Emefiele while speaking at the 56th Chartered Institute of Bankers of Nigeria (CIBN) Annual Bankers Dinner, on Friday night, in Lagos.

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

Emefiele in his statement said, “Today over US$100 trillion is held by institutional investors in the Organisation for Economic Co-operation and Development (OECD) countries, most of it invested in low-yielding assets relative to high-yielding opportunities in Nigeria.

“Working to tap into this pool of funds will require the set-up of an investment framework that offers comfort and security to investors seeking to invest in critical sectors of our economy.

“In this regard, the Central Bank of Nigeria is working to set up an International Financial Center at the Eko Atlantic City in Lagos that will serve as a hub for attracting domestic and external capital which is needed to strengthen our post-COVID economy.

“The International Finance Center, when fully operational in the 2nd quarter of 2022, will help to position Nigeria as a key destination for investment in Africa.’’