- Sanwo-Olu Launches Roadmap for Lagos International Financial Centre
- Jonny Baxter described the project as a reflection of the deepening partnership between the UK and Nigeria
- The initiative is designed to deepen financial markets, attract global investment, and strengthen public-private partnerships
A landmark blueprint aimed at transforming Lagos State into a premier International Financial Centre (LIFC) and the leading hub for investment capital in West Africa was unveiled on Monday, February 9.
Eko Hot Blog reports that the strategic report was produced by TheCityUK in collaboration with the UK Government, Lagos State Government, the Lagos International Financial Centre Council, and EnterpriseNGR.
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It outlines a clear roadmap to drive innovation, sustainable growth, and long-term economic prosperity for Nigeria and the wider region.
The report was launched at an event held at State House, Marina, and aligns with Nigeria’s Agenda 2050 as well as the Lagos State Development Plan 2052.
The initiative is designed to deepen financial markets, attract global investment, and strengthen public-private partnerships by bringing together government leadership and private sector expertise.
Speaking at the launch, Lagos State Governor Babajide Sanwo-Olu reaffirmed the state’s commitment to the project, describing the International Financial Centre as a key driver of economic competitiveness.
According to the governor, the LIFC will support seamless trading, attract foreign investment, and enhance the efficiency and global appeal of Lagos’s financial markets. He noted that the initiative would also unlock new opportunities in technology and capital market development through stronger public-private collaboration.
The report recommends the creation of an independent International Financial Centre model for Lagos to ensure regulatory clarity, simplified tax policies, and increased investor confidence.
It also identifies 3 priority sectors for initial focus: Green and Sustainable Finance, FinTech and Innovation, and Commodities Trading and Capital Markets, which are considered critical to Nigeria’s future economic competitiveness.
British Deputy High Commissioner Jonny Baxter described the project as a reflection of the deepening partnership between the UK and Nigeria. He said the LIFC has the potential to attract significant domestic and international investment, deepen capital markets, create jobs, and drive sustainable economic growth beyond Lagos.
Further recommendations in the report include the establishment of robust legal frameworks, independent governance structures, competitive tax regimes, streamlined business processes, and a strong focus on developing local talent to attract global capital.
Also speaking, Managing Director, International at TheCityUK, Nicola Watkinson, highlighted Nigeria’s vast economic potential, noting that the Lagos International Financial Centre could play a vital role in supporting innovation, expanding domestic markets, advancing green finance, and creating high-value jobs for young Nigerians.
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