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CBN Set to Launch N15trn Infrastructure Fund In October

CBN set to Launch N15trn Infrastructure Fund In October

The Central Bank of Nigeria (CBN) is set to launch N15trn infrastructure fund in October.

This was made known by the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, at the 14th annual conference of the Chartered Institute Bankers of Nigeria (CIBN).

According to the Governor, the InfraCorp Plc fund is meant to boost funding for capital projects and address the problems of poor infrastructure in the country. Information Guide Nigeria

As reported by the NIGERIAN TRIBUNE, Godwin Emefiele said in order to ensure that the economic crisis caused by COVID-19 does not lead to a financial crisis, the CBN will ensure that banks have strategies to cover depositors unexpected losses.

The CBN Governor said, banks have been authorised to restructure loan grants to individuals and businesses that have been affected by the Virus.

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Emefiele said they were made to establish the Nigerian International Financial Centre (NIFC) to consolidate the growth and resilience of Nigerian banks and it will act as an international gateway for capital and investments, caused by technology and payment system infrastructure. Jamb Result

He further stated, “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 homegrown initiatives such as Infracorp plc, the N15 trillion infrastructure fund which we will be launching in October 2021.”

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Idongesit Akpa-Ayang

Idongesit is a graduate of Communication Arts, University of Uyo. Currently working as a news reporter at InfoGuide Nigeria.

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