Lagos prepares for establishment of W’Africa’s premier International Financial Centre
Elegbede Abiodun
The Lagos State government is prepared to establish the premier International Financial Centre in the West African regional bloc.
In accordance to a statement from the British High Commission Communications Office on Monday, TheCityUK, in partnership with the UK Government, Lagos State Government, Lagos International Financial Centre Council, and EnterpriseNGR, unveiled a landmark report, ‘Establishing an International Financial Centre in Lagos, Nigeria’.
The Lagos State Governor, Babajide Sanwo-Olu, at the recently held Investopia Africa, declared that the state would soon be unveiling the Lagos International Financial Centre, a project that is being done in collaboration with international partners and aimed at positioning the state for investment and ease of doing business.
The new report outlined a strategic roadmap to transform Lagos into the West African hub for international investment capital, driving innovation and sustainable growth across the country and the wider region. The LIFC initiative aligns with Nigeria’s Agenda 2050 and the Lagos State Development Plan 2052 to deliver long-term economic prosperity, deepen financial markets, and attract productive global investment.
The project showcases the power of public-private partnership, bringing visionary leadership from the government together with private sector companies seeking to tap into Nigeria’s young, dynamic market to deliver economic growth.
The report was launched at an event at State House Marina, with guests including Sanwo-Olu, British Deputy High Commissioner Jonny Baxter, and EnterpriseNGR Board Chairman and Chief Executive Officer Aigboje Aig-Imoukhuede and Obi Ibekwe.
Key highlights from the report include “strategic vision: The LIFC will support Nigeria’s ambition to become an upper-middle-income country by 2050, driving inclusive growth, reducing poverty, and creating high-value jobs, especially for Nigeria’s talented youth. International Collaboration: The report highlights the benefit of strong UK-Nigerian co-operation, building on best practices and global benchmarks to align the LIFC with international standards. Model Recommendation: The report recommends the development of an independent IFC model for Lagos and the steps to achieve this. An IFC will deliver regulatory clarity and simplified tax and policy settings and offer greater investor confidence and economic benefits for the wider Nigerian economy.
“Unique Selling Points: The LIFC should focus on areas which can deliver the greatest economic benefits matched to investor interest. Consultations have suggested three areas for its initial focus: Green and Sustainable Finance, FinTech & Innovation, and Commodities Trading & Capital Markets. These sectors are identified as key drivers for Nigeria’s future competitiveness and growth. Governance and Legal Reform: The report calls for robust legal and regulatory frameworks, an independent governance framework, and strong collaboration between Lagos State, Federal Government, and private sector stakeholders to drive the implementation of the IFC. Talent and Human Capital: A focus on developing domestic talent, easing visa regimes for international professionals, and building a pipeline of skilled workers will underpin the LIFC’s success. Tax and Incentives: Recommendations include competitive tax regimes, tailored incentives for investment that align with the national vision, and streamlined business processes to attract global capital.”
In the report, Sanwo-Olu said, “Lagos is fully committed to the birth of the International Financial Centre. We know that it is a veritable means of supporting seamless trading and enhancing the competitiveness of financial markets. As Nigeria’s largest economic and financial centre, Lagos plays a critical role in driving the nation’s capital markets. We need to create an ecosystem that will help to facilitate investment flows, enhance market liquidity, and promote financial literacy.
“The LIFC initiative will not only strengthen our market infrastructure but also unlock new opportunities for public-private partnerships in technology and capital market development. It will support seamless trading, attract foreign investment and enhance the competitiveness of financial markets.”
Baxter commented, “The launch of the Lagos International Financial Centre report reflects the deepening of the UK-Nigeria partnership, combining Lagos’s comparative strengths with UK expertise. Anchored in clear, evidence‑based analysis and launched at a pivotal moment in Nigeria’s reform journey, the LIFC has the potential to unlock major domestic and international investment, deepen capital markets, create jobs, and drive sustainable economic growth across the country, not just in Lagos State.”
Managing Director, International, TheCityUK, Nicola Watkinson, noted, “Nigeria is a high-growth, dynamic and large market, and the Lagos International Financial Centre could be vital to its future. By building a modern, integrated business and regulatory environment and financial ecosystem, the LIFC will support the attraction of global and domestic capital, deepen domestic markets, facilitate innovation in FinTech and green finance, and create high‑value jobs for Nigeria’s youth.
“Supporting the development of Lagos as an international financial centre is a clear example of how the UK and Nigeria are deepening their strategic partnership.”
