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Lagos, EnterpriseNGR Announce LIFC Council Meeting Resolutions

The Lagos State Government and EnterpriseNGR are pleased to announce the successful conclusion of the second meeting of the Lagos International Financial Centre (LIFC) Council, held at the Governor’s Office, Alausa, Ikeja, Lagos, on June 19, 2024.

The Lagos International Financial Centre (LIFC) was established through an executive instrument issued by the Governor of Lagos State, Mr. Babajide Olusola Sanwo-Olu on November 3, 2023.

The Council was inaugurated on November 3rd, 2023 and chaired by the Governor of Lagos State and co-chaired by Mr. Aigboje Aig-Imoukhuede CFR, (Chairman of EnterpriseNGR). It was set up primarily to oversee the establishment of the Lagos International Financial Centre.

The second meeting of the LIFC Council held on Wednesday 19th June, 2024 reviewed the activities of the Council and proposed recommendations for enhancing the Lagos State’s global financial connectivity, regulatory efficiency, infrastructure development and international reputation.

The following outcomes emerged from the proceedings of the meeting:

1. The Council reiterated the importance of the Lagos International Financial Centre (LIFC) and affirmed its commitment to deliver on its mandate, which is to serve as a significant hub for a diverse range of financial activities and services at an international level.

2.  The Council reviewed its participation at the Lord Mayor’s Show which held in London, UK last November as well as the   stakeholder meetings with the international business community which culminated in the InvestLagos Reception. The InvestLagos Reception is a high-profile event designed to promote the unique advantages and opportunities in Lagos to potential investors. In view of the positive outcomes of the InvestLagos Reception, the Council agreed to establish the InvestLagos Reception as an annual event, and to this end, InvestLagos 2024 will hold in November 2024.

3. The Council also considered the importance of Licensed Exchanges (securities; commodities, etc.) in the LIFC market infrastructure; and thereafter unanimously resolved that the LIFC Council, led by the Chairman and Co-Chairman, should engage with all Exchanges hosted by Lagos state with a view to exploring how the government can support efforts at deepening the markets and opening them up to more local and international investors.

4. The Council affirmed that the objectives of the LIFC would be achieved through workstreams and thereby agreed to establish the following workstreams for this purpose: (i) Legal and Governance, (ii) Strategy and Finance; (iii) Regulatory Framework and Incentives; (iv) Infrastructure and Operations and;(v) Investment Promotion and Public Relations. These workstreams will be resourced with members of the LIFC Council as well as relevant professionals from the FPS sector in Nigeria and globally.

5. The Council commended the efforts of the Nigerian diaspora community in engaging and giving back to the nation at large, especially in the areas of healthcare investment, medical aid/missions, infrastructure investment and tourism. The Council unanimously resolved to continue to promote diaspora investor confidence through the promulgation of an enabling and conducive business environment and articulated its plans to engage the diaspora community through a structured unit of the LIFC.

6. The Council unanimously agreed to continue to foster collaborations with other international financial centers, regulatory bodies and relevant organizations to further promote knowledge sharing, best practices and global integration.

The LIFC Council, under the able leadership of Governor Sanwo-Olu and Mr. Aig-Imoukhuede CFR reaffirmed its commitment to establishing Lagos as a premier global financial centre by enhancing its infrastructure, regulatory efficiency, and international reputation.