Governor Babajide Sanwo-Olu has set the wheels in motion to transform Lagos into a premier destination for global capital, unveiling the Lagos International Financial Centre (LIFC) Phase 1 Report at the Lagos House, Marina.
The ambitious project, a joint venture between the Lagos State Government and EnterpriseNGR, aims to overhaul Nigeria’s economic landscape by deepening financial markets, fostering innovation, and attracting massive international investment.
Sanwo-Olu, who serves as the Chairman of the LIFC Council, emphasised that the initiative is a long-term strategic reform rather than a temporary political project.
He stressed that the framework has been designed to involve both state and national institutions to ensure its permanence.
“The foundation we are laying today is for the future of our economy, our children, and generations to come,” Sanwo-Olu stated.
“It is about building a sustainable structure that will outlive any administration.”
The report outlines a transition from conceptualization to active implementation.
The project has already garnered significant international backing, notably from the United Kingdom Government and TheCityUK, providing the technical expertise needed to ensure Lagos can compete with established hubs like London or Dubai.
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The primary goal of the initiative is to position Lagos as Africa’s leading international financial hub.
Key partners involved in the project include EnterpriseNGR, TheCityUK, and the UK Government. Phase 1 of the programme focuses on strategy development and pathway mapping, while Phase 2 will concentrate on establishing legislative frameworks, implementing policy reforms, and mobilising resources.
Aigboje Aig-Imoukhuede, Co-Chairman of the LIFC, hailed the completion of Phase 1 as a “significant milestone.”
He noted that the center’s impact would extend far beyond the Nigerian Stock Exchange, acting as a catalyst for massive capital mobilization across the continent.
Echoing this sentiment, the British Deputy High Commissioner, Jonny Baxter, highlighted the UK’s role in identifying the specific regulatory reforms required to make Lagos a “globally competitive” environment.
He noted that a successful LIFC would unlock the capital necessary to fund critical infrastructure and create thousands of jobs.
The Commissioner for Finance, Abayomi Oluyomi, reminded stakeholders that the journey ahead requires relentless collaboration.
The goal is to create a “globally competitive platform” that offers a seamless environment for both domestic and international investors.
As the state transitions into Phase 2, the focus shifts toward the legal and policy architecture required to turn this vision into a reality, marking a new chapter in the #AGreaterLagosRising agenda.
