PBA ReporterThe Central Bank of Nigeria (CBN) has said it will set up an international financial centre at the Eko Atlantic City by the second quarter of 2022 to attract investors.
Godwin Emefiele, the apex bank governor, disclosed this while speaking at the 56th Chartered Institute of Bankers of Nigeria (CIBN) annual bankers’ dinner in Lagos over the weekend.
Emefiele explained that a stockpile of international investment was locked in less profitable assets instead of highly profitable resources in Nigeria.
He added that creating a viable investment framework will help build an attractive environment for investors.
“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 setup of an investment framework that offers comfort and security to investors seeking to invest in critical sectors of our economy,” Emefiele said.
He explained further that the finance centre will serve as a platform that would attract local and international financing for reviving the post-COVID economy.
According to him, “In this regard, the Central Bank of Nigeria is working to set up an international financial centre 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 centre, when fully operational in the 2nd quarter of 2022, will help to position Nigeria as a key destination for investment in Africa.”
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