Francesca Odimgbe
The Lagos State Government, in conjunction with EnterpriseNGR, on Thursday launched Lagos International Financial Centre (LIFC) Phase 1 Report, a project that captures the strategy and pathway to the implementation of initiatives that would transform Nigeria’s economic growth, deepen the financial market and foster innovation.
The LIFC Phase 1 Report was launched at the Lagos House, Marina, by Lagos State Governor, Mr. Babajide Sanwo-Olu and members of the Lagos International Financial Centre Council.
Speaking during the programme, Governor Sanwo-Olu reaffirmed his administration’s commitment to establishing the Lagos International Financial Centre and urged stakeholders across the public and private sectors to sustain collaboration toward positioning Lagos as a global financial hub.
Governor Sanwo-Olu, who is the Chairman of LIFC council, described the initiative as a strategic economic reform designed to strengthen Nigeria’s global competitiveness and position Lagos as a leading international financial hub.
He said the Lagos International Financial Centre project, conceived about two years ago, was designed to attract international capital, deepen financial markets, and create sustainable economic opportunities for the country.
Governor Sanwo-Olu commended EnterpriseNGR for the initiative and the work done so far, the United Kingdom Government and TheCityUK for providing technical and financial support in the formative phase, stressing that the development of a credible international financial centre requires robust institutional frameworks and strategic investment partnerships.
He said, “For me, it is all about leadership and confidence. If you can dream it and envision it, then you can achieve it. The foundation we are laying today is for the future of our economy, our children, and generations to come. This is not just about Lagos; it is about building an economic legacy that will transform Nigeria’s financial ecosystem.
“The substantial groundwork had been completed through policy engagements, technical partnerships, and institutional capacity building. The next phase would focus on implementation and structural reforms.
“We have designed a model that involves both state and national institutions so that the project becomes institutional rather than personality-driven. It is about building a sustainable structure that will outlive any administration.”
Governor Sanwo-Olu urged stronger synergy between the public and private sectors, noting that risk-sharing and joint investment strategies were critical to achieving the project’s objectives.
Speaking earlier, the co-chairman of LIFC, Mr. Aigboje Aig-Imoukhuede, commended the Lagos State Government for a job well done in fostering the need to work with the ecosystem of actors in the private sector to bring about financial and economic growth.
He underscored the importance of private sector participation, describing the Lagos International Financial Centre as a collaborative economic ecosystem that requires strong partnerships between government and business institutions.
Aig-Imoukhuede said EnterpriseNGR had championed the initiative by drawing lessons from established global financial centres such as London, New York, and Kigali. He said Lagos emerged as the preferred location for the project due to its economic strength, infrastructure capacity, and investor-friendly policies.
He described the completion of LIFC Phase 1 as a significant milestone, noting that Phase 2 would focus on policy reforms, legislative frameworks, and resource mobilisation to drive implementation.
“The scale and impact of the Lagos International Financial Centre will go beyond the Nigerian Stock Exchange. It will strengthen capital mobilisation, expand financial institutions and position Nigeria as a global financial destination,” he said.
Also speaking, British Deputy High Commissioner, Jonny Baxter, applauded the Lagos State Government and EnterpriseNGR for driving the initiative and strengthening collaboration with federal institutions, noting that a well-structured financial centre would benefit the national economy.
He disclosed that the United Kingdom, through TheCityUK, is providing expertise to help identify Lagos’ comparative advantages and the regulatory reforms required to establish a globally competitive financial centre.
Baxter described the initiative as a major economic milestone capable of unlocking domestic and international capital flows into infrastructure development, job creation, and economic growth.
He said the LIFC project would bring about significant capital flow, create jobs, boost economic growth in Nigeria and ensure infrastructural development.
He said: “A well-designed international financial centre can unlock significant domestic and international capital flows. These resources will support infrastructure development, boost productive sectors, and create employment opportunities.”
Lagos State Commissioner for Finance, Mr. Abayomi Oluyomi, said the journey required a lot of collaboration of investors in making the project a reality and a globally competitive platform.