CBN to set up International Finance Centre in Eko Atlantic City

The Central Bank Governor, Godwin Emefiele, has said that the bank would establish an International Financial Centre at the Eko Atlantic City for investors seeking to invest in critical sectors of the nation’s economy.

Emefiele disclosed this at the 56th Chartered Institute of Bankers of Nigeria (CIBN) Annual Bankers Dinner, on Friday night in Lagos.

He noted that a key challenge to supporting growth in key sectors of our economy is access to large pools of cheap investment capital.

“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-COVI 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,’’ Emefiele said.