Lagos State has unveiled a comprehensive roadmap to establish a Lagos International Financial Centre (LIFC), a move aimed at repositioning Nigeria as a global investment destination and the leading financial hub in West Africa.
The roadmap is contained in a report titled “Establishing an International Financial Centre in Lagos (LIFC), Nigeria”, produced by TheCityUK in collaboration with the UK Government, Lagos State Government, the Lagos International Financial Centre Council (LIFCC), and EnterpriseNGR.
The report was formally launched at the State House, Marina, Lagos, at a high-level event attended by senior government officials, diplomats and private sector leaders, including Governor Babajide Sanwo-Olu and the British Deputy High Commissioner to Nigeria, Jonny Baxter.
Aligned with Nigeria’s Agenda 2050 and the Lagos State Development Plan 2052, the proposed financial centre is envisioned as a long-term driver of economic transformation, deepening capital markets, mobilising international investment and supporting sustainable growth across Nigeria and the wider West African region.
The report highlights Lagos’ demographic advantage, expanding financial ecosystem and strategic location as key strengths, while stressing the importance of strong public-private collaboration in delivering a globally competitive financial centre.
A major recommendation is the creation of an independent international financial centre framework for Lagos, offering regulatory certainty, simplified tax regimes and transparent governance structures to enhance investor confidence.
To differentiate Lagos from other emerging financial centres, the roadmap identifies three priority focus areas: green and sustainable finance, fintech and financial innovation, and commodities trading and capital markets.
The report also calls for robust legal and regulatory reforms, close coordination among federal and state governments, regulators and the private sector, as well as targeted human capital development to support skills transfer and high-value job creation.
Speaking at the launch, Governor Sanwo-Olu said the LIFC would strengthen market infrastructure, improve liquidity and unlock new opportunities for public-private partnerships in technology and capital markets.
British Deputy High Commissioner Jonny Baxter described the initiative as a reflection of the deepening UK–Nigeria partnership, noting that effective implementation could unlock significant domestic and international investment and drive sustainable growth.
Stakeholders said the focus would now shift to implementation as Lagos seeks to translate the roadmap into action and position itself as a globally competitive financial centre.
By Michael Olugbode, Abuja
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