InfraCorp Plc, a N15 trillion infrastructure fund that will enhance finance for capital projects, will be launched in October, according to the Central Bank of Nigeria.
Mr. Godwin Emefiele, the Governor of the Central Bank of Nigeria, made the announcement on Tuesday in Abuja at the Chartered Institute of Bankers of Nigeria’s annual banking and finance conference.
He stated that the project, which was developed by the CBN in collaboration with the African Finance Corporation and the Nigerian Sovereign Investment Authority, will aid in addressing the country’s infrastructural deficit.
“In this regard, I am pleased to announce that InfraCorp, the infrastructure company being created by the CBN, African Finance Corporation, and the Nigerian Sovereign Investment Authority to raise N15 Trn will be unveiled in October 2021,” he said.
“InfraCorp would enable the use of mostly private capital to support infrastructure investment that will have a multiplier effect on growth across critical sectors.
“The purpose of the N15tn being raised is to address some of our infrastructure needs while providing reasonable returns to investors.
“We believe this well-structured fund can act as a catalyst for growth in the medium and the long run. The support of the banking community will be important in achieving this objective.”
Nigerian banks, according to the CBN Governor, have not only grown stronger and more resilient but have also built themselves a decent place in the global market.
He said the Central Bank will develop the Nigerian International Financial Centre in the next 12 months to build on the expansion and resilience of Nigerian banks over the last decade.
According to him, the NIFC would serve as an international gateway for capital and investments, powered by technology and payment infrastructure.
“National Theatre creative hubs for our youths as well as the E-naira project which 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 a financial hub where monies, ideas, and technology will move freely without hindrance,” he said.
He explained that this new financial hub will bring together local and international banks to create global champions.
He stated that the NIFC will be a 24-hour financial center that will complement the financial centers of London, New York, and Singapore, as well as enabling the acceleration of Nigerian enterprises such as Infracorp Plc.
He added that the NIFC will complement the CBN’s initiatives on the Nigerian Commodity Exchange and National Theatre creative hubs for our youths, as well as the E-naira project, which will launch in October 2021.
The NIFC, according to Emefiele, will take advantage of existing laws like the BOFIA 2020, NEPZA, and other CBN regulations to create a fully global investment and a financial hub where money, ideas, and technology may flow freely.
In terms of digital connectivity, he stated that a stable payment system has continued to evolve to fulfill the needs of Nigerian homes and companies.
He claimed that between 2015 and 2020, close to $500 million worth of capital were invested in enterprises operated by Nigerian entrepreneurs, demonstrating confidence in the country’s payment system.
He went on to say that the bank aimed for a 15 percent inflation rate and annual GDP growth of 2.5 to 3.0 percent by the end of the year.
