The Governor of Lagos State, Mr. Babajide Sanwo-Olu, has called on stakeholders across the public and private sectors to sustain collaboration aimed at positioning Lagos as a global financial hub through the Lagos International Financial Centre (LIFC).
Governor Sanwo-Olu made the call while speaking at the launch of the Lagos International Financial Centre (LIFC) Phase 1 Report held at the Lagos House, Marina. He said the LIFC project, conceived about two years ago, was designed to attract international capital, deepen financial markets, and create sustainable economic opportunities for Nigeria.
The governor, who is also the Chairman of the LIFC Council, described the initiative as a strategic economic reform that would strengthen Nigeria’s global competitiveness and place Lagos among leading international financial hubs.
“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,” Sanwo-Olu said.
He explained that the LIFC model was deliberately structured to involve both state and national institutions, ensuring that the project remains institutional rather than personality-driven. According to him, the goal is to build a sustainable structure that will outlive any administration.
Lagos International Financial Centre is a project of the Lagos State Government in collaboration with EnterpriseNGR. It outlines the strategy and pathway for implementing initiatives aimed at transforming Nigeria’s economic growth, deepening the financial market, and fostering innovation.
Governor Sanwo-Olu commended EnterpriseNGR for its leadership and the progress recorded so far. He also appreciated the United Kingdom Government and TheCityUK for providing technical and financial support during the formative phase, noting that building a credible international financial centre requires strong institutional frameworks and strategic investment partnerships.
Speaking at the event, the Co-Chairman of LIFC, Mr. Aigboje Aig-Imoukhuede, praised the Lagos State Government for fostering collaboration with private sector stakeholders 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 noted that the completion of LIFC Phase 1 marks a significant milestone, adding 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, the British Deputy High Commissioner, Mr. Jonny Baxter, applauded the Lagos State Government and EnterpriseNGR for advancing the initiative and strengthening collaboration with federal institutions. He said a well-structured international financial centre would deliver significant benefits to the national economy.
Baxter 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. He described the initiative as a major 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.
Earlier, the Lagos State Commissioner for Finance, Mr. Abayomi Oluyomi, said the journey toward establishing the LIFC requires extensive collaboration among investors and stakeholders to build a globally competitive financial platform.
