The Central Bank of Nigeria (CBN), has said it was promoting the establishment of an African Finance Corporation (AFC), which will be capitalized to $2 billion.  It said it would provide $500 million of the total capitalisation for the Corporation.

Hinting on the plan at the just-concluded eighth Annual Seminar for Finance Correspondents and Business Editors in Kaduna organised by the Bank, CBN's Deputy Director and Head of Corporate Affairs, Mr Festus Odoko, said financing will also be sourced from foreign investors and institutional investors amongst others.

"CBN is putting in $500 million, others are bringing in money. At the end of the day, the AFC will be capitalised to $2 billion," he said.

AFC will finance key areas of the economy, including basic infrastructure and exports, as well as fund micro-finance and Small and Medium Enterprises (SMEs).

When the corporation is full-fledged and stabilized the intention of the CBN is to sell off its own shares to the investing public and hands off.

However, Odoko who presented a paper on "Implementing CBN Mandate: Any Role for the Journalist?" listed the core mandate to include issuance of legal tender currency in Nigeria, maintenance of external reserves to safeguard the international value of the legal tender currency.

Edwina Baniqued