The Lagos State Government on Friday inaugurated the Lagos International Financial Centre Council as part of efforts to drive investment in the state.
The inauguration comes against the background of collaboration between Lagos State and EnterpriseNGR, a member-led advocacy group that promotes the growth and development of Nigeria’s Financial and Professional Services (FPS) sector as a catalyst for economic development.
Following the inauguration, Lagos State and EnterpriseNGR, are poised to make history as the first African participants invited to join the prestigious Lord Mayor’s Show’s 805th procession in London, a statement said Friday. The partnership is built on a shared goal of positioning Lagos as Africa’s premier financial centre, it added.
With the LIFC Council leading the charge, and in line with its strategic mandate, to not only attract global investors but also to ignite a wave of economic growth and innovation within the state, Lagos aims to captivate global investors, unveil its potential as an investment destination of choice, and pave the way for a transformative era of economic prosperity.
Lagos contributes more than 30% to Nigeria’s GDP, accounts for about 60% of the country’s energy demand, and is responsible for 90% of Nigeria’s foreign trade flow. It generates over 50% of Nigeria’s port revenues, and a remarkable 70% of the state revenue is internally generated. It boasts of a dynamic business environment, as well as a vibrant hub for innovation and technology, with a burgeoning tech ecosystem that rivals global counterparts.
Addressing the press at the Lagos House, Ikeja, Babajide Sanwo-Olu, Governor of Lagos State, who will Chair the Council emphasised that the key objective of the participation in the Lord Mayor’s Show is to showcase the investment potential of Lagos and to elevate the State as a global investment destination.
“Lagos is not just going to London for the parade and pageantry; this visit has a more strategic purpose. This is a prime opportunity to showcase Lagos on a global platform. The newly inaugurated LIFC Council signifies not just an institutional milestone, but a commitment to a bold vision—positioning Lagos as the beacon of financial innovation in Africa,” Mr Sanwo-Olu said.
“The Lord Mayor, Professor Michael Mainelli’s invitation stands as a resounding endorsement of Lagos State’s commitment to excellence, as well as recognition of its increasing economic prominence. This invitation aligns harmoniously with the council’s mission to establish Lagos as a global financial hub, attracting investments that will fuel sustainable economic development.
“Lagos and Nigeria’s enduring history with the United Kingdom reflects a proud Commonwealth partnership since gaining independence in 1960. Nigeria remains dedicated to fostering diplomatic and economic ties, presenting abundant investment opportunities in sectors such as oil, finance, technology, agriculture, healthcare, and infrastructure. “This resilient partnership, combined with Nigeria and Lagos’s commitment to growth, creates a promising landscape for UK investors eager to contribute to and benefit from the nation’s dynamic and expanding economy.”
EnterpriseNGR’s Chairman, Aigboje Aig-Imoukhuede who joins the Governor as Co-Chair of the Council added that “EnterpriseNGR stands as a catalyst for transformative change in Nigeria’s Financial and Professional Services sector. Our vision extends beyond advocacy; it’s a commitment to incentivize investments that go beyond financial gains. As we embark on this historic delegation to showcase Lagos on the global stage, we recognise the profound significance of attracting investments. Investment isn’t merely a transaction; it’s a catalyst for job creation, driving sustainable development and fostering a symbiotic relationship between investors, the State, and the communities at large.” Obi Ibekwe, CEO of EnterpriseNGR noted that “EnterpriseNGR’s participation in this historic delegation to the Lord Mayor’s Show underscores the critical role we play in driving transformative change within Nigeria’s Financial and Professional Services sector.
“We are not just advocating for growth; we are actively working to create a dynamic, interconnected and thriving FPS sector. The inauguration of the Lagos International Financial Centre (LIFC) Council is a testament to our unwavering commitment to fostering strategic partnerships that contribute to the economic prosperity of Lagos and Nigeria.”
The LIFC Council’s objective is to align strategic partnerships that contribute to the economic prosperity of Lagos and Nigeria by establishing Africa’s premier International Financial Centre here in Lagos, the organisation said in a statement Friday.
“Our participation at the Lord Mayor’s show is an extension of welcoming hands to not just the UK audience but to the world at large with a clear message that Lagos is Open for Business. This delegation is a testament to our unwavering dedication to the larger vision of a prosperous and interconnected ecosystem and a greater Lagos,” it added.
Source: Premium Times