Francesca Odimgbe
The Governor of Lagos State, Mr. Babajide Sanwo-Olu, has called on stakeholders across the public and private sectors to support and sustain collaboration toward positioning Lagos as a global financial hub through the Lagos International Financial Centre (LIFC).
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, who is the Chairman of LIFC council, spoke during the launching of the Lagos International Financial Centre (LIFC) Phase 1 Report, at the Lagos House, Marina.
Lagos International Financial Centre (LIFC) is a project of Lagos State Government in conjunction with EnterpriseNGR, 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.
Speaking during the launching of the LIFC Phase 1 Report, Governor Sanwo-Olu reaffirmed his administration’s commitment to establishing the Lagos International Financial Centre. He described the initiative as a strategic economic reform designed to strengthen Nigeria’s global competitiveness and position Lagos as a leading international financial hub.
Governor Sanwo-Olu commended EnterpriseNGR for the initiative and the work done so far. He also appreciated 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, “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.
“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.”
Speaking at the event, 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 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.
“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,” He said.
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.