Lagos State has taken a significant step towards establishing itself as Africa’s foremost financial hub, as the Lagos Financial Centre (LIFC) received a boost from TheCityUK, a top UK-based financial institution.
A strategic meeting was held between TheCityUK representatives and top Lagos State government officials, including Commissioners for Finance, Economic Budget and Planning, Commerce, and Information, to map out collaboration strategies for LIFC’s successful implementation.
Governor Babajide Sanwo-Olu had signed an executive order establishing LIFC in partnership with EnterpriseNGR in November 2024. The centre aims to integrate Lagos into the international financial network, create jobs, and drive economic diversification.
Commissioner for Budget, Ope George, highlighted the benefits of LIFC, stating that it will lead to a thriving economy, skilled job creation, and increased financial literacy among Lagosians.
George assured TheCityUK and international investors of the commitment of Lagos Government to providing a conducive business environment, with plans to harmonize existing laws and create regulations to boost investor confidence.
Commissioner for Finance, Abayomi Oluyomi expressed delight at the level of success towards the achievement of the LIFC.
He emphasized its importance in addressing Lagos’ infrastructure gap, which he says requires N10 trillion in funding. He noted that the current budget is insufficient, and international investors are needed to bridge the gap.
TheCityUK representative, Anna Rogers, expressed excitement about LIFC, stating the UK-based investors are now eager to invest in Lagos and Nigeria. However, she emphasized the need for sustained government momentum, transparency, and a workable legal framework to attract investors.
Rogers also advocated for federal government involvement in providing national backing for LIFC through an executive order, creating an International Financial Centre (IFC) in Nigeria.
With LIFC poised to become a game-changer for Lagos’ economy, the state government is urging residents to support the initiative by paying taxes and obeying the law, promising that they will benefit from the Centre’s success.
