Lagos State Government has affirmed the partnership with EnterpriseNGR, under the platform of the Lagos International Financial Council, LIFC, would facilitate an increase in the tech ecosystem's contribution to its Gross Domestic Product, GDP, from three per cent to 10 per cent through venture capitals in Lagos-based tech startups.
This was disclosed at a strategic parley and presentation between the State Government and international partners held on Wednesday, at the state Ministry of Finance Conference Room, Alausa, Ikeja.
LIFC is a financial hub to integrate Lagos into global financial networks.
The initiative aims to create an enabling environment for seamless trading, attract foreign investments, and enhance the competitiveness of Nigeria's financial markets.
The LIFC is envisioned as a hub that facilitates global financial activities while fostering local economic growth and innovation in Lagos State.
The state government had on Monday, March 24, 2025, at Lagos House, Marina, signed a Memorandum of Understanding, MoU, with TheCityUK and the Foreign Commonwealth and Development Office, FCDO, for the development of an International Financial Centre in Lagos, aimed to drive economic growth.
Governor Babajide Sanwo-Olu, Chairman LIFC, led the signing of the MoU ceremony, witnessed by
Co- LIFC, Chairman, Access Holdings, Mr. Aigboje Aig-Imoukhuede; the Head, Eurasia, Middle East and Africa of TheCity UK, Chika Mourah; Charge d'Affaires, British Deputy High Commission Lagos, Mr. Simon Field; Secretary to the Lagos State Government, Mrs. Bimbola Salu-Hundeyin and Head of Service, Mr. Bode Agoro, among others.
Speaking during the ceremony, Sanwo-Olu, said his administration is truly committed to achieving the Lagos International Financial Centre and therefore sought everybody's support to make the vision a reality.
He said: "The signing of the MoU signposts the beginning of another level of engagement in establishing LIFC and making Lagos the first in sub-Saharan Africa that will get an international financial centre.
"It is not just about us; it is about the conversation of putting our country and both local and international investors on a platform that would make businesses work better and create an ambiance of a more predictable and reliable financial centre in this part of the world.
"We are localising our idea and initiative to be able to also put Lagos and, by extension, Nigeria, on the world map of cities that have international financial centres."
Sanwo-Olu also expressed appreciation to all the partners for their financial and technical support towards the establishment of an International Financial Centre in Lagos.
At the follow-up strategic parley, include Lagos State Commissioners for Finance, Mr. Yomi Oluyomi, Budget and Economic Planning, Mr Ope George, Commerce, Cooperative and Investment, Mrs. Folashade Ambrose-Medebem and Information and Strategy, Gbenga Omotoso, Special Adviser to Governor Babajide Sanwo-Olu on Corporate Finance and Strategy, Akintayo Sanwo-Olu, among few others.
Also were: Chief Executive Officer, CEO, EnterpriseNGR, Mrs. Obi Ibekwe; and Director, International Development, Anna Rogers TheCityUK.
Speaking on the occasion, George stated, "The LIFC initiative, a collaborative effort between the Lagos State Government and EnterpriseNGR, seeks to position Lagos as Africa's foremost international financial hub.
"This aligns with the Lagos State Development Plan (LSDP) 2022-2052, which envisions Lagos as a world-class financial services centre fostering economic growth and innovation on the continent.
"LSDP 2052 is a strategy developed to ensure that Lagos State becomes Africa's Model Mega City, a global, economic, and financial hub that is safe, secure, functional amd productive by 2052.
"LSDP aims to create sustainable economic growth through targeted investments and infrastructure with key pillars such as; economic diversification, infrastructure development, and enhancing public-private partnerships for growth.
"LIFC aligns seamlessly with the initiatives of the LSDP positioning as a world-class international financial centre ranked as a leading hub in Africa with global standard
"LIFC would facilitate an increase in the tech ecosystem's contribution to Lagos GDP from 3% to 10%, through venture capitals in Lagos-based tech startups.
"This presentation seeks to engage stakeholders and emphasize LIFC's transformative impact on Lagos' economy, aligning with broader goals of the Lagos State Development Plan 2052."
George noted that the LIFC project achieved a major milestone in November with the successful convening of its first working group meeting in Lagos.
"This milestone event brought together key stakeholders from Nigeria's Financial and Professional Services (FPS) sector, along with representatives from TheCityUK.
"This initiative will not only strengthen our market infrastructure but also unlock new opportunities for public-private partnerships in technology and capital market development.
"LIFC continues to grow as we collaboratively strive towards the shared vision of transforming Lagos into a premier international financial hub," George stated.
Also speaking, Oluyomi said, "Financial hubs play a critical role in driving economic development by attracting investments, generating jobs, and enabling knowledge exchange to advance financial innovation."
The Finance Commissioner said, "The Lagos State Government remains committed to ensuring the successful realization of LIFC's objectives and its overarching goal of unlocking significant economic opportunities for Nigeria and the African continent.
"As a dedicated working group, it is imperative for us to determine the most suitable operational model for the LIFC, establish its unique value propositions, and identify potential areas of opportunity while thoroughly evaluating the risks associated with setting up an international financial centre in Lagos."
Oluyomi maintained that LIFC would drive sustainable and inclusive economic development and is expected to significantly boost job creation and economic diversification in Lagos.
LIFC plays a crucial role in enhancing trade by providing a conducive environment for international financial transactions.
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"Creation of high-skill jobs and promotion of financial literacy among residents.
"By implication, LIFC is linked to all the dimension of the LSDP 2052, Indicating strategic alignment that would help drive the implementation of the development plan," he stated.
Oluyomi expressed gratitude to stakeholders for their unwavering dedication and teamwork in driving impactful outcomes for the LIFC.
"Together, we are creating remarkable opportunities that will lay the foundation for future accomplishments," he stated.
Rogers and Ibekwe were of the opinion that the partnership would bring everybody together to make Lagos a successful powerful house on the African continent.
They maintained that LIFC envisions establishing Lagos as a premier African financial hub, promoting transparency and efficiency.
According to Rogers: "TheCityUK is proud to be a strategic partner for the development of LIFC. The decision of the Lagos State Government is highly commendable, and we are very excited to be part of the journey.
"We are delighted that through our partnership, we'll continue to provide an avenue for UK and Nigerian financial professional services practitioners, policymakers, and regulators to share knowledge on best practices in areas such as corporate governance, financial services, regulation, technology, innovation, and many others.
"These will lead to increased trade and an increase in investment and partnership between the two countries as well as internationally."
