By Peter Emmanuel |
The Federal Government has backed the Lagos International Financial Centre (LIFC) as a strategic national economic priority, with plans underway for the centre’s soft launch in the first quarter of 2027.
The Federal Government, Lagos State Government and private sector stakeholders represented by EnterpriseNGR reached the position at the inaugural meeting of the LIFC National Steering Committee held in Abuja on Wednesday, September 2, 2026.
The meeting brought together key federal institutions, Lagos State officials and private sector representatives to strengthen the national framework for implementing the financial centre.
The Secretary to the Government of the Federation, Senator George Akume, inaugurated the committee and said Bola Tinubu had directed his office to coordinate Federal Government support for the initiative.
The committee includes institutions responsible for finance, justice, foreign affairs, immigration, trade and investment, communications, taxation, the Central Bank of Nigeria, the Securities and Exchange Commission, Lagos State Government and private sector representatives.
The initiative is expected to position Nigeria to attract more international capital, deepen its financial markets and strengthen its role in Africa’s financial system.
FG, Lagos, Private Sector Unite to Drive LIFC
Akume said the Federal Government recognises the Lagos International Financial Centre as an important part of Nigeria’s economic development strategy.
He said the national steering committee would provide the structure needed to coordinate the contributions of government institutions, Lagos State and private sector stakeholders.
The Lagos State Governor and Chairman of the LIFC Council, Babajide Sanwo-Olu, said the centre should be viewed as strategic national infrastructure rather than a project belonging only to Lagos State.
Sanwo-Olu said Lagos already has a strong financial ecosystem covering banking, capital markets, insurance, fintech and professional services, which provides a foundation for the international financial centre.
He said the goal is to develop Lagos into Africa’s premier International Financial Centre and create a trusted gateway through which global capital can enter Nigeria and other African markets.
He added that the centre must be built around institutional trust, regulatory quality, legal certainty and strong connectivity, rather than becoming a tax haven or a platform for regulatory arbitrage and illicit financial activities.
Sanwo-Olu: LIFC Is Strategic National Infrastructure
Sanwo-Olu said the success of the LIFC would depend on the ability of stakeholders to build an environment where investors can operate with confidence and access predictable rules.
He said Nigeria’s ambition of becoming a US$1 trillion economy by 2030 would require deeper capital markets, stronger financial intermediation and increased investor confidence.
Chairman of EnterpriseNGR and Co-Chair of the LIFC Council, Aigboje Aig-Imoukhuede, said the private sector had been involved in the initiative from its early stages.
Aig-Imoukhuede said Nigeria needs capital to achieve its economic ambitions, adding that capital moves to places where investors feel safe, can grow their investments and have confidence in the rules governing their activities.
He said preparatory work on the project includes the development of a strategic blueprint, legal and regulatory gap assessments, a business plan, an operating model and implementation economics.
KPMG is supporting the LIFC Project Office, while TheCityUK is providing international technical support through funding from the United Kingdom Government.
LIFC Targets Global Capital, Q1 2027 Soft Launch
Aig-Imoukhuede said the project is approaching its final development phase as stakeholders work towards a soft launch in the first quarter of 2027.
He said the centre is expected to create higher-value jobs, deepen Nigeria’s capital markets, expand professional services and broaden the country’s tax base.
The initiative is also expected to give Nigerian businesses greater opportunities to participate in regional and international markets.
The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, pledged support for the legal framework required to provide certainty for investors and businesses operating through the centre.
The Executive Chairman of the Nigeria Revenue Service, Zacch Adedeji, called for a practical model that reflects Nigeria’s economic realities, while the Minister of Industry, Trade and Investment, Jumoke Oduwole, described the initiative as catalytic to the country’s ambition of building a US$1 trillion economy.
The Ministry of Foreign Affairs also pledged to support the initiative through diplomacy and investment engagement, reinforcing the Federal Government, Lagos State and private sector’s joint effort to position the LIFC as a major gateway for global capital into Nigeria and Africa.
