FG Moves to Establish Lagos IFC

• Lagos State Commissioner for Finance, Abayomi Oluyomi, outlined the state’s readiness to support this initiative
• Edun referred to the successful issuance of a US dollar domestic bond as a testament to renewed investor confidence and financial reform momentum.
• The Minister of Finance and Coordinating Minister of the Economy highlighted Lagos’ potential to evolve into a globally competitive financial centre with the right institutional support.

In a strategic move aimed at transforming Nigeria into a leading global financial hub, the Federal Government has formally endorsed the creation of the Lagos International Financial Centre (IFC).

Eko Hot  Blog reports that the announcement came during a high-level engagement involving Minister of Finance and Coordinating Minister of the Economy, Wale Edun, EnterpriseNGR, Citi UK, and senior Lagos State Government officials on Tuesday.

EDITOR’S PICK

• “I Chose to Step Back”: Annie Idibia Breaks Silence on Separation from 2Face
• IGP Kayode Egbetokun Decorates Tunji Disu, 19 Others, With AIG, CP Ranks [ See Full List]
• NIMR’s Prof. Stella Smith Warns of Rising H. Pylori Infections and Antibiotic Resistance

Emphasizing Nigeria’s commitment to macroeconomic stability and investment mobilization, Edun referred to the successful issuance of a US dollar domestic bond as a testament to renewed investor confidence and financial reform momentum.

Drawing parallels with London’s historic “Big Bang” reforms, he highlighted Lagos’ potential to evolve into a globally competitive financial centre with the right institutional support.

EnterpriseNGR Chairman, Aigboje Aig-Imoukhuede, emphasized the importance of collaboration between federal and state authorities, along with private sector leadership, in attracting global capital to Nigeria.

Lagos State Commissioner for Finance, Abayomi Oluyomi, outlined the state’s readiness to support this initiative, citing the Lagos State Development Plan, the establishment of the Lagos IFC Council, and an executive order designed to catalyze the project.

Anna Rogers, Director of International Development at Citi UK, commended the collaborative approach and highlighted the need for investor-friendly policies and regulatory clarity to ensure global competitiveness.

FURTHER READING

• Boko Haram Kills 20 Cameroonian Troops In Deadly Wulgo Attack
• Russia, Ukraine Agree To Halt Black Sea, Energy Strikes In US-Brokered Talks
• US Intelligence Chiefs Face Senate Intense Questioning Over Yemen Strike Chat Leak

With robust political will, private sector support, and international partnerships, Nigeria is making significant strides in turning the vision of Lagos as a premier financial hub into a reality.

Click here to watch video of the week