Lagos’ plan to become a leading financial hub in Africa has entered a new phase following the inauguration of the National Steering Committee for the Lagos International Financial Centre (LIFC).
The development brings the Federal Government, Lagos State and private-sector stakeholders together in a more structured effort to establish a financial ecosystem capable of attracting foreign investment, financial institutions, fintech companies and green-finance activities.
The committee was inaugurated in Abuja on Wednesday by the Secretary to the Government of the Federation, George Akume, with Lagos State Governor Babajide Sanwo-Olu serving as co-chairman. The Federal Government said the initiative is intended to deepen Nigeria’s capital markets, attract domestic and foreign investment and promote financial innovation.
From Lagos Initiative to National Project
The creation of the National Steering Committee signals a shift in the LIFC project from a largely state-led initiative to a broader Federal Government, Lagos State and private-sector effort.
Dr Jumoke Oduwole, who participated in the inauguration, said the collaboration would bring together key government institutions and private-sector players to deepen the country’s capital markets and scale financial innovation.
She said the initiative, endorsed by President Bola Ahmed Tinubu, would help position Lagos as a globally competitive hub for green finance, fintech and capital markets.
The Federal Government has also directed the Office of the SGF to coordinate its support for the project, giving the LIFC a wider national role beyond Lagos State.
Attracting Global Investment
At the heart of the project is Lagos’ ambition to create a more competitive financial ecosystem that can draw international capital and financial businesses into Nigeria.
The proposed centre is expected to support the growth of fintech and financial innovation while creating a stronger platform for green and sustainable finance, commodities and capital markets.
The City of London Corporation’s international financial services body, TheCityUK, described the latest development as a move that takes the LIFC beyond a Lagos State initiative and gives it a national economic reform dimension. It noted that a strong financial ecosystem can help attract foreign investment, deepen capital markets and support entrepreneurs and businesses.
For Lagos, the ambition is not simply to host another financial district but to build a platform through which global capital can access Nigeria and the wider African market.
Sanwo-Olu said the LIFC is intended to position Lagos as the financial capital of Africa and a globally competitive centre for green and sustainable finance, fintech, innovation, commodities and capital markets.
Lagos Moves Into Third Phase
The governor said Lagos entered the latest stage of the project after earlier steps to establish the centre, including an executive order issued in November 2023 and the creation of the LIFC Council as its principal governance body.
He said the project is now in its third phase of implementation, with the National Steering Committee expected to work with Lagos State and other stakeholders on its delivery.
The Federal Government has identified legal, regulatory, institutional and infrastructure issues among the areas that must be addressed for the centre to succeed.
Recent discussions around the project have also highlighted the importance of providing investors with legal certainty, clear regulation and an efficient institutional environment.
The project is therefore entering a critical stage where the ability to translate the financial-centre vision into clear policies, regulations and investment opportunities will determine how attractive Lagos becomes to global investors.
With federal and state authorities now working through the National Steering Committee, the LIFC is moving from planning towards the practical work of building a financial hub designed to compete for global capital and financial businesses.
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