The Lagos State Government, in collaboration with EnterpriseNGR, has launched the Phase 1 Report of the Lagos International Financial Centre (LIFC), marking a major step toward positioning Lagos as a globally competitive financial hub.
The report, which outlines the strategy and implementation pathway for the financial centre, was unveiled on Thursday at Lagos House, Marina, by Governor Babajide Sanwo-Olu, alongside members of the Lagos International Financial Centre Council.
The LIFC initiative is designed to drive Nigeria’s economic growth, deepen the financial market, attract international capital, and foster innovation across the financial services sector.
Speaking at the event, Governor Sanwo-Olu reaffirmed his administration’s commitment to the successful establishment of the Lagos International Financial Centre and called for sustained collaboration between public and private sector stakeholders.
Describing the project as a strategic economic reform, the governor said the LIFC would strengthen Nigeria’s global competitiveness while positioning Lagos as a leading international financial destination.
The governor, who also serves as Chairman of the LIFC Council, noted that the project, conceived about two years ago, was developed to attract foreign investment, deepen capital markets, and create sustainable economic opportunities.
He commended EnterpriseNGR, the United Kingdom Government, and TheCityUK for providing technical and financial support during the formative phase of the project, stressing that building a credible international financial centre requires strong institutional frameworks and strategic partnerships.
“For me, it is all about leadership and confidence. If you can dream it and envision it, then you can achieve it,” Sanwo-Olu 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.”
He explained that significant 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.
Sanwo-Olu also emphasised that the LIFC model was designed to be institutional rather than personality-driven, involving both state and national institutions to ensure sustainability beyond any administration.
The governor further called for stronger public-private sector synergy, noting that risk-sharing and joint investment strategies would be critical to achieving the centre’s objectives.
Earlier, Co-Chairman of the LIFC, Mr. Aigboje Aig-Imoukhuede, praised the Lagos State Government for fostering collaboration with the private sector to drive economic and financial growth. Eyes Of Lagos reports,
He stressed that private sector participation remains central to the success of the Lagos International Financial Centre, describing it as a collaborative ecosystem that thrives on strong government-business partnerships.
According to him, EnterpriseNGR drew lessons from established global financial centres such as London, New York, and Kigali, with Lagos emerging as the preferred location due to its economic strength, infrastructure capacity, and investor-friendly policies.
Aig-Imoukhuede described the completion of Phase 1 as a major milestone, noting that Phase 2 would focus on policy reforms, legislative frameworks, and resource mobilisation to drive full 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.
He disclosed that the United Kingdom, through TheCityUK, is providing technical expertise to identify Lagos’ comparative advantages and the regulatory reforms required to establish a globally competitive financial centre.
Baxter described the project as a significant economic milestone capable of unlocking domestic and international capital flows for 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.
Meanwhile, Lagos State Commissioner for Finance, Mr. Abayomi Oluyomi, noted that sustained collaboration among investors and stakeholders would be crucial to building a globally competitive financial platform.