Governor Babajide Sanwo-Olu is continuing a near decade-long push to see Lagos State become a global financial hub that will place it in line with London, in the United Kingdom, and New York in the United States of America.
The governor’s intense efforts to see this goal realised got another huge boost when he launched the Lagos International Financial Centre (LIFC) Phase 1 Report, Thursday.
Two years ago, a formal move to crystallise this effort by providing it with a proper structure was set in motion. Working in collaboration with EnterpriseNGR, the State Government said the LIFC project “captures the strategy and pathway to the implementation of initiatives that would transform Nigeria’s economic growth, deepen the financial market and foster innovation.”
Governor Sanwo-Olu was emphatic when reaffirming his government’s commitment to establishing the Lagos International Financial Centre, and urged stakeholders across the public and private sectors to sustain collaboration toward positioning Lagos as a global financial hub.
The governor co-chairs the LIFC council and was on hand with members of the council, including his co-chair, banker and investor, Aigboje Aig-Imoukhuede, at Lagos House, Marina, to unveil the LIFC Phase 1 Report. Aig-Imoukhuede has been a major voice in the drive to see that Lagos attains the status of a global financial centre.
Governor Sanwo-Olu has described the initiative as a strategic economic reform designed to strengthen Nigeria’s global competitiveness and position Lagos as a leading international financial hub.
According to him, the Lagos International Financial Centre project was designed to attract international capital, deepen financial markets, and create sustainable economic opportunities for the country.
The governor commended EnterpriseNGR for the initiative and the work done so far, the United Kingdom Government and TheCityUK for providing technical and financial support in the formative phase, stressing that the development of a credible international financial centre requires robust institutional frameworks and strategic investment partnerships.
“For me, it is all about leadership and confidence. If you can dream it and envision it, then you can achieve it. 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.
“The substantial groundwork had been completed through policy engagements, technical partnerships, and institutional capacity building. The next phase would focus on implementation and structural reforms.
“We have designed a model that involves both state and national institutions so that the project becomes institutional rather than personality-driven. It is about building a sustainable structure that will outlive any administration,” Governor Sanwo-Olu said.
He called for stronger synergy between the public and private sectors, noting that risk-sharing and joint investment strategies were critical to achieving the project’s objectives.
Aigboje Aig-Imoukhuede, commended the Lagos State Government for a job well done in fostering the need to work with the ecosystem of actors in the private sector to bring about financial and economic growth.
He underscored the importance of private sector participation, describing the Lagos International Financial Centre as a collaborative economic ecosystem that requires strong partnerships between government and business institutions.
Aig-Imoukhuede said EnterpriseNGR had championed the initiative by drawing lessons from established global financial centres such as London, New York, and Kigali. He said Lagos emerged as the preferred location for the project due to its economic strength, infrastructure capacity, and investor-friendly policies.
He described the completion of LIFC Phase 1 as a significant milestone, noting 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,” Aig-Imoukhuede said.
Jonny Baxter, British deputy high commissioner, applauded the Lagos State Government and EnterpriseNGR for driving the initiative and strengthening collaboration with federal institutions, noting that a well-structured financial centre would benefit the national economy.
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 initiative as a major economic milestone capable of unlocking domestic and international capital flows into infrastructure development, job creation, and economic growth.
He said the LIFC project would bring about significant capital flow, create jobs, boost economic growth in Nigeria and ensure infrastructural development.
“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,” Baxter said.
Abayomi Oluyomi, Lagos State commissioner for finance, said the journey required a lot of collaboration of investors in making the project a reality and a globally competitive platform.
