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Nigeria Moves To Join New York, Others As Int’l Financial Hub
Nigeria is set to join a very small elite group of countries operating an international financial hub.
The international financial centre will take off in September, 2022, when the Central Bank of Nigeria will establish The Nigerian International Financial Centre (NIFC).
The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, disclosed this in Abuja, yesterday, at the 14th Annual Banking and Finance Conference organized by the Chartered Institute of Bankers of Nigeria (CIBN).
The conference is themed, “Economic Recovery, Inclusion and Transformation: The Role of Banking and Finance”.
Emefiele revealed that, “the NIFC will act as an international gateway for capital and investments, driven by technology and payment system infrastructure”.
According to Emefiele, “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.”
This new financial hub, he said, “will curate local and international banks to make them global champions”.
When operational, “the NIFC will be a 24/7 Financial Centre that will complement London, New York and Singapore financial centres and enable an acceleration of our home-grown initiatives”.
He described the theme of the conference as apt, given the unprecedented events of 2020, especially when considered along the measures put in place by policy makers to reverse a significant downturn in economic activities last year.
He revealed that the CBN will, in the next 12 months, establish the Nigerian International Financial Centre (NIFC) to consolidate the growth and resilience of Nigerian banks in the last decade.
He said the NIFC will act as an international gateway for capital and investments, driven by technology and payment system infrastructure.
“This new financial hub, will curate local and international banks to make them global champions. The NIFC will be a 24/7 Financial centre that will complement London, New York and Singapore financial centres and enable an acceleration of our home grown initiatives such as the Infracorp Plc, the N15trillion infrastructure fund which we will be launching in October 2021.
“The NIFC will also complement our initiatives on the Nigerian Commodity exchange and the 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 financial hub where monies, ideas, and technology will move freely without hindrance”, Emefiele explained.
To prevent an economic crisis occasioned by Covid-19 from spilling into a financial crisis, Emefiele said the CBN worked to protect the interest of depositors by ensuring that banks made adequate capital provisions to cover for unexpected losses.
“We also enabled banks to restructure loans granted to individuals and businesses significantly affected by the pandemic. Our banks also demonstrated exceptional resilience by putting in place business continuity plans, along with the deployment of digital channels, which ensured that the provision of financial services to customers was not disrupted by the Covid-19 pandemic.
“We are delighted that these measures have paid off. Indeed, key indicators in the banking sector continue to reflect that our banking sector remains strong, resilient, and healthy. Capital Adequacy Ratio and Liquidity Ratio in the banking sector have remained above the prudential limits at 15.5 and 41.3 per cent, respectively. The Non-Performing Loan Ratio of the banking industry in July, 2021 stood at 5.4 per cent reflecting continued improvements from 6 per cent in September, 2020. Our banking sector remains well positioned to support the recovery efforts of the fiscal and monetary authorities”, he noted.
Emefiele also stated that the apex bank’s efforts to strengthen the loan-to-deposit ratio policy, has resulted in a significant rise in loans provided by financial institutions to banking customers.
Speaking at the event, President Muhammadu Buhari, urged members of the banking and finance ecosystem to collaborate towards making Nigeria one of the leading economies of the world.
Buhari commended the Nigerian financial services industry for working assiduously to achieve financial inclusion targets and fostering economic growth of the country.
He urged speakers at the event to share insights that will help reposition Nigeria economically and otherwise.
He described the rampaging Covid-19 pandemic as a game changer that altered the way of life across the globe, urging financial experts and other key stakeholders in the country to latch on the opportunities provided by ICT to drive growth.
He hailed current economic rejuvenation efforts by various umpires and called for the tempo to be sustained.
In his goodwill message, the President of Rwanda, Mr Paul Kagame urged the banking sector to live about board to retain their integrity; while working to build a more resilient economy for Africa.
Also speaking at the event, President and Chairman of Council (CIBN), Dr Bayo Olugbemi, said that the conference offers members of the financial sector robust room to brainstorm and forge way forward for the country.
He revealed that the 14th edition has 10,000 participants across global spread and aims to seek ways of moving Nigeria and Africa’s economy forward.
He added that two-day event will drive financial inclusion.
“We have to unleash the potential of the Nigerian economy. We’re poised to develop the members of CIBN and pressed to uphold ethos of the job to get value creation.
“Special focus is on youths considering the importance of their demography. They are here in large numbers. There are macroeconomic issues that need to be tackled. There is work to be done in meeting the financial inclusion target, women empowerment and more”, he explained.
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We’ll Drive Tinubu’s Vision in Rivers With Vigour – Fubara …Inaugurates Dualized Ahoada/Omoku Road ….Debunks Rift With RSHA
Rivers State Governor, Sir Siminalayi Fubara, has stated that he will lead Rivers people to galvanize support for President Bola Tinubu to drive the vision and objectives of the Renewed Hope Agenda in the State with vigour.
The governor, who joined the ruling All Progressives Congress (APC), on Tuesday, explained that his decision to join the APC was not for personal interest but for the overall benefit of Rivers State.
Fubara disclosed these while inaugurating the extension of the dualized Ahoada/ Omoku Express road in Ahoada East and Ogba Egbema Ndoni Local Government Areas of Rivers State.
He commended the contracting firm, Julius Berger, for timely delivery of the project, saying the project is a campaign promise fulfilled which will bring economic benefits to the people and tackle issues of insecurity associated with the route.
He said his administration has remained focused in delivering democratic dividends in the state despite facing glaring challenges.
The governor thanked the people of Ahoada East and Ogba Egbema Ndoni Local Government Areas for their continuous support, and urged his supporters to remain steadfast and also support President Tinubu who he said, has demonstrated love to Rivers State as a father.
Fubara denied having rift with the Rivers State House of Assembly, stating that his meeting with the lawmakers was stalled as a result of delay in the agreed meeting to be convened by former Governor Nyesom Wike and other stakeholders for him to meet with the state lawmakers.
“I have made every effort to meet with the Assembly members, but it is not within my leadership to initiate the meeting process.
“The arrangement was for my leader, Wike, and the elders led by Anabraba to call for a meeting with the the lawmakers.
“I’m a gentleman and principled. I can’t go behind to call them when we’ve already agreed. Whoever that tell them that I don’t want to meet with them, or I rejected proposal meant for them isn’t saying the truth,” Fubara said.
The Permanent Secretary of the Rivers State Ministry Works, Mr Austin Ezekiel-Hart, who gave the project description, said the delivery of the project was a fulfillment of long time dream by the people of Ahoada East and Ogba Egbema Ndoni Local Government Areas.
He said the road was previously a single lane and has now been dualised to 14.6 meters wide, complete with solar-powered streetlights with drainages.
He said the road significantly would reduce travel time between Ahoada and Omoku while improving economic activity in the region.
In his welcome address, Chairman of Ogba-Egbema-Ndoni Local Government Area, Hon. Chuku Shedrack Ogbogu, described the road as a symbol of unity, oneness, and development, thanking the governor for fulfilling his campaign promises.
On his part, the Managing Director of Julius Berger, Engr. Peer Lusbash, said the project was awarded to his company in 2023 with a completion period of 18 months which was achieved in best quality.
He added that Julius Berger enjoyed a good support from the Fubara administration, and assured to complete all ongoing projects being handled by Julius Berger on specification, especially the Ring Road project which is a legacy project.
News
Dangote Unveils N100bn Education Fund For Nigerian Students
Chairman of the Dangote Group, Alhaji Aliko Dangote, has announced a N100 billion annual education support programme aimed at keeping financially vulnerable Nigerian students in school.
Speaking at the launch of the national scholarship scheme in Lagos, yesterday, Dangote said too many brilliant young people were being forced out of classrooms because of poverty.
He described education as the “strongest engine of social mobility” and a critical foundation for national development.
The initiative, funded by the Aliko Dangote Foundation, will run for ten years beginning in 2026, costing over N1 trillion in total.
Dangote said the scheme would support 45,000 scholars each year at inception, expanding to 155,000 beneficiaries annually by its fourth year, and maintaining that level for the rest of the decade.
By 2036, he said, the programme is expected to have reached at least 1,325,000 students.
“We cannot allow financial hardship to silence the dreams of our young people, not when the future of our nation depends on their skills, resilience and leadership,” he added.
A major component of the fund is the Aliko Dangote STEM Scholars programme, which will provide annual scholarships for 30,000 undergraduate students pursuing science, technology, engineering and mathematics in public universities and polytechnics.
Each beneficiary will receive tuition support aligned with the fees of their institution and course of study. Dangote said the goal is to expand access to higher education, empower innovation, and give young Nigerians the tools to compete globally.
“STEM drives development. If Nigeria must compete globally, our young minds must have the tools to learn, imagine and innovate,” he said.
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RSG Lists Key Areas of 2026 Budget
The Rivers State Government says its 2026 Budget will focus more on revamping the education sector as well as completing all ongoing projects in the State.
Also to be given priority include healthcare, infrastructure, youth unemployment and security.
Principal Secretary to the Governor of Rivers State, Dr Ayebaesin Beredugo, said this during the 2026 Pre Budget Workshop and Public Consultation on the 2026 Budget Estimate, organised by the Rivers Ministry of Budget and Economic Planning in Port Harcourt.
According to him, the key sectors of the proposed budget include education, youth employment, healthcare, security, and completion of all ongoing projects in the State.
He said 70 percent of the budget will focus more on infrastructural delivery, stressing that all ongoing projects will be completed, while award of new projects will be minimal.
Beredugo said the State will be among the first in the country to establish a State Police if the National Assembly gives its endorsement, adding however, that the State will continue to work with the Federal Police to ensure security of lives and property in the State.
He said youth unemployment will be tackled through massive skills acquisition programme, while overheads to Ministries Department and Agencies (MDAS ) will increase.
He said the revoked contract on the rehabilitation of the Rivers State Secretariat will be re-awarded as government is currently reviewing it.
Also speaking, Permanent Secretary, Rivers State Ministry of Budget and Economic Planning, Mrs Imaonyani Ephraim-George, said the workshop was to get the inputs of all stakeholders towards the preparation of the budget.
According to her, aside the Ministries Departments and Agencies which are arms of the government, others whose inputs are also needed in the preparation of the budget are market women, persons with disabilities, civil society organisations, students groups, among others.
George said the governor was desirous of broadening the scope of citizens participation in the budgeting process by involving all strata of the society.
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