The Lagos International Financial Centre (LIFC) project achieved a major milestone in November with the successful convening of its first working group meeting in Lagos. This milestone event brought together key stakeholders from Nigeria’s Financial and Professional Services (FPS) sector, along with representatives from TheCityUK—an organization that champions the financial and professional services sector in the United Kingdom.
The LIFC initiative, a collaborative effort between the Lagos State Government and EnterpriseNGR, seeks to position Lagos as Africa’s foremost international financial hub. This aligns with the Lagos State Development Plan (LSDP) 2022–2052, which envisions Lagos as a world-class financial services centre fostering economic growth and innovation on the continent. The Lagos State Government leads this effort in partnership with the Federal Government, extending to key federal ministries, departments, and agencies. EnterpriseNGR represents the private sector in this strategic partnership.
The working group meeting was convened under the strategic oversight of the LIFC Council, co-chaired by Lagos State Governor Mr. Babajide Olusola Sanwo-Olu and Chairman of EnterpriseNGR, Mr. Aigboje Aig-Imoukhuede, CFR. The meeting provided a platform to engage stakeholders to deliberate on foundational strategies for actualizing LIFC’s objectives and to foster critical collaborations for its success.
This inaugural session also marked the commencement of technical assistance from TheCityUK, supported by funding from the UK Government. Among its initial tasks, the working group aims to identify an appropriate operational model for the LIFC, define its unique selling points, and assess areas of opportunity while evaluating potential risks associated with establishing an international financial centre in Lagos.
Momentum for the LIFC continues to build as stakeholders work collaboratively towards the shared vision of transforming Lagos into a leading international financial centre. EnterpriseNGR, in collaboration with the Lagos State Government, remains steadfast in ensuring the LIFC its objectives, unlocking vast economic opportunities for Nigeria and the broader African continent.
