By Ayomide Otitoju
The Lagos State Government, in partnership with EnterpriseNGR, has launched the Phase 1 Report of the Lagos International Financial Centre (LIFC), outlining the strategy and implementation pathway for initiatives aimed at driving Nigeria’s economic growth, deepening the financial market and fostering innovation.
The report was unveiled on Thursday at Lagos House, Marina, by Lagos State Governor, Mr. Babajide Sanwo-Olu, alongside members of the Lagos International Financial Centre Council.
Speaking at the event, Governor Sanwo-Olu reaffirmed his administration’s commitment to establishing the Lagos International Financial Centre, calling for sustained collaboration between public and private sector stakeholders to position Lagos as a global financial hub.
As Chairman of the LIFC Council, the governor described the initiative as a strategic economic reform designed to enhance Nigeria’s global competitiveness and strengthen Lagos’ standing as an international financial centre. He said the project, conceived about two years ago, aims to attract international capital, deepen financial markets and create sustainable economic opportunities.
Sanwo-Olu commended EnterpriseNGR for driving the initiative and acknowledged the support of the United Kingdom Government and TheCityUK, which provided technical and financial assistance during the formative phase. He stressed that building a credible international financial centre requires strong institutional frameworks and strategic investment partnerships.
“For me, it is about leadership and confidence. The foundation we are laying today is for the future of our economy 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 governor said.
He noted that substantial groundwork had already been completed through policy engagements, technical partnerships and institutional capacity building, adding that the next phase would focus on implementation and structural reforms. According to him, the project has been designed to be institutional rather than personality-driven, ensuring sustainability beyond any administration.
The governor also called for deeper synergy between the public and private sectors, noting that risk-sharing and joint investment strategies would be critical to achieving the project’s objectives.
Earlier, the Co-Chairman of the LIFC, Mr. Aigboje Aig-Imoukhuede, commended the Lagos State Government for fostering collaboration with the private sector to drive financial and economic growth. He described the LIFC as a collaborative economic ecosystem that depends on strong partnerships between government and business institutions.
Aig-Imoukhuede said EnterpriseNGR drew lessons from established global financial centres such as London, New York and Kigali, noting that Lagos was selected for the project due to its economic strength, infrastructure capacity and investor-friendly policies. He described the completion of Phase 1 as a major milestone, adding that Phase 2 would focus on policy reforms, legislative frameworks and resource mobilisation.
“The scale and impact of the Lagos International Financial Centre will go beyond the Nigerian Exchange. It will strengthen capital mobilisation, expand financial institutions and position Nigeria as a global financial destination,” he said.
Also speaking, the British Deputy High Commissioner, Mr. Jonny Baxter, praised the Lagos State Government and EnterpriseNGR for advancing the initiative and strengthening collaboration with federal institutions. 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 LIFC as a major economic milestone capable of unlocking domestic and international capital flows to support infrastructure development, job creation and economic growth.
Lagos State Commissioner for Finance, Mr. Abayomi Oluyomi, said the success of the project would depend on sustained collaboration with investors to build a globally competitive financial platform.
