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CBN to set up finance centre at Eko Atlantic City in 2022

CBN to set up finance centre at Eko Atlantic City in 2022
November 27
10:28 2021

The Central Bank of Nigeria (CBN) says 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, said this while speaking at the 56th Chartered Institute of Bankers of Nigeria (CIBN) annual bankers’ dinner in Lagos on Friday.

According to Emefiele, a stockpile of international investment was locked in less profitable assets instead of highly profitable resources in Nigeria. He said 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,” Emefiele said.

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“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.”

According to Emefiele, the finance centre will serve as a platform that would attract local and international financing for reviving the post-COVID economy.

“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,” he said.

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“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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