The Central Bank of Nigeria announced that InfraCorp Plc, the N15trn Infrastructure Fund which will boost funding for capital projects, will be launched in October.

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

The centre will be driven by technology and payment system infrastructure, CBN Governor Godwin Emefiele disclosed this on Tuesday morning at the ongoing 14th annual banking and finance conference organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja.

He said that the project, which was conceptualised by the CBN alongside African Finance Corporation and the Nigerian Sovereign Investment Authority, will help to address the challenge of infrastructure deficit in the country.

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

According to Emefiele, 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 N15 trillion infrastructure fund which we will be launched in October 2021.

He said the NIFC will also complement other CBN initiatives on the Nigerian Commodity Exchange and the National Theatre creative hubs for Nigerian youths as well as the e-Naira project which he said will also debut in October 2021.

“The NIFC will take advantage of our 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,” Emefiele said..

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.

He added that the bank was targeting a 15 percent inflation rate and a annual Gross Domestic Product growth of between 2.5 – 3.0 percent at the end of the year.

More Details Soon…