The Lagos State Government has finalized plans to establish an international financial centre in collaboration with EnterpriseNGR and other key stakeholders to drive capital market growth.
This initiative aims to create an enabling environment for seamless trading, attract foreign investments, and enhance the competitiveness of Nigeria’s financial markets.
Governor Babajide Sanwo-Olu described the Lagos International Financial Centre (LIFC) as a strategic move to solidify Lagos as Africa’s premier financial hub.
The LIFC will be established at the Eko Atlantic in Victoria Island.
He emphasized that the project would foster capital market growth, attract global investments, and drive financial sector innovation in the state.
Financial literacy
“As Nigeria’s largest economic and financial centre, Lagos plays a critical role in driving the nation’s capital markets. Our licensed exchanges are at the heart of this ecosystem, facilitating investment flows, enhancing market liquidity, and promoting financial literacy,” Sanwo-Olu stated.
“This initiative will not only strengthen our market infrastructure but also unlock new opportunities for public-private partnerships in technology and capital market development.”
Aigboje Aig-Imoukhuede, co-chairman of the project alongside Governor Sanwo-Olu, urged the CEOs of licensed exchanges—including the Nigerian Exchange Group (NGX), FMDQ Group Plc., NASD OTC Security Exchange Limited, and Lagos Commodities and Futures Exchange (LCFE)—to align global best practices with the Lagos financial ecosystem.
He described the LIFC as a “game changer” and called on the exchanges to adopt strategies that enhance liquidity, innovation, and market depth.
What you should know
In a related development, the Lagos State Government has attracted over $1.2 billion in digital investments to bolster its digital economy and expand telecom infrastructure. Governor Sanwo-Olu disclosed this during a courtesy visit by the Nigerian Communications Commission (NCC) delegation, led by its Executive Vice Chairman and CEO, Aminu Maida, at the Lagos House in Ikeja.
- Sanwo-Olu highlighted that these funds, secured over the past five years, have been utilized for projects such as data centers, submarine cables, and network expansion. He reaffirmed his administration’s commitment to strengthening digital infrastructure through collaboration with the NCC, aligning with the Education and Technology pillar of the THEMES+ agenda. “These investments in digital infrastructure will be further bolstered through this partnership with NCC,” he added.
- He assured that the government is committed to working with NCC to protect critical telecom infrastructure and advance the digital economy to benefit Lagos residents.
Lagos State has been implementing strategic initiatives to enhance its digital economy. The state outlined plans to increase the tech ecosystem’s contribution to its GDP from 3% to 10%, including the creation of a fund-of-funds to co-invest with venture capitals in Lagos-based tech startups.