LASG, EnterpriseNGR push to make Lagos premier global financial centre

• LIFC to engage Exchanges hosted by Lagos State   
• To boost diaspora investor confidence
• Enhance Lagos global financial connectivity

• Regulatory efficiency, infrastructure development and international reputation

Business a.m. Reporter

The Lagos State Government and EnterpriseNGR have committed to promoting diaspora investor confidence by championing a business-friendly environment. Both entities also articulated their plans to engage the diaspora community through the Lagos International Financial Centre (LIFC).

This significant development, divulged at the Governor’s Office, Alausa, Ikeja, was but one among a number of landmark decisions reached by the LIFC Council, following the successful conclusion of its second meeting on June 19, 2024.

The LIFC was established through an executive instrument issued by Governor Babajide Olusola Sanwo-Olu of Lagos State on November 3, 2023. The LIFC Council, chaired by the Lagos State governor and co-chaired by Aigboje Aig-Imoukhuede, chairman of EnterpriseNGR, oversees the establishment and development of the Lagos International Financial Centre.

The second meeting of the LIFC Council, held recently, reviewed the activities of the council and proposed recommendations for enhancing Lagos State’s global financial connectivity, regulatory efficiency, infrastructure development and international reputation.

The meeting ended with several outcomes including a commitment to deliver on its mandate to serve as a significant hub for a diverse range of financial activities and services at an international level, while reiterating the importance of the Lagos International Financial Centre.

The Council also reviewed its participation at the Lord Mayor’s Show which was held in London, UK last November as well as the stakeholder meetings with the international business community which culminated in the InvestLagos Reception.

The InvestLagos Reception is a high-profile event designed to promote the unique advantages and opportunities in Lagos to potential investors.

In view of the positive outcomes of the InvestLagos Reception, the council agreed to establish the InvestLagos Reception as an annual event, and to this end, InvestLagos 2024 will be held in November 2024.

The meeting also considered the importance of Licensed Exchanges (securities; commodities, etc.) in the LIFC market infrastructure; and thereafter unanimously resolved that the LIFC Council, led by the chairman and co-chairman, should engage with all Exchanges hosted by Lagos State with a view to exploring how the government can support efforts at deepening the markets and opening them up to more local and international investors.

The council further affirmed that the objectives of the LIFC would be achieved through workstreams and thereby agreed to establish the following workstreams for this purpose: (i) Legal and Governance, (ii) Strategy and Finance; (iii) Regulatory Framework and Incentives; (iv) Infrastructure and Operations; and (v) Investment Promotion and Public Relations. 

These workstreams, it was agreed, will be resourced with members of the LIFC council as well as relevant professionals from the financial and professional services (FPS) sector in Nigeria and globally.

In addition, the council unanimously resolved to continue to promote diaspora investor confidence through the promulgation of an enabling and conducive business environment and articulated its plans to engage the diaspora community through a structured unit of the LIFC.

The council also reached a consensus  to continue to foster collaborations with other international financial centres, regulatory bodies and relevant organisations to further promote knowledge sharing, best practices and global integration.

The LIFC Council, under the able leadership of Governor Sanwo-Olu and Aig-Imoukhuede further reaffirmed its commitment to establishing Lagos as a premier global financial centre by enhancing its infrastructure, regulatory efficiency, and international reputation.