FG backs Lagos International Financial Centre, targets Q1 2027 for launch
The Federal Government has formally thrown its weight behind the establishment of the Lagos International Financial Centre (LIFC), with stakeholders targeting a launch of the initiative in the first quarter of 2027.
The development followed the inauguration of the LIFC National Steering Committee by the Secretary to the Government of the Federation, George Akume, in Abuja last week.
The committee brings together key Federal Government institutions, the Lagos State Government and the private sector, represented by EnterpriseNGR, to coordinate the legal, regulatory, fiscal, immigration, investment promotion and digital infrastructure requirements for the proposed financial centre.
Akume said President Bola Ahmed Tinubu had endorsed the LIFC as a strategic national economic priority and directed his office to coordinate Federal Government support for its implementation.
He said the initiative would leverage Lagos’ position as Nigeria’s commercial and financial hub to create a globally competitive financial centre capable of attracting domestic and international capital.
According to him, the success of the project would depend on strong collaboration between the Federal Government, Lagos State and the private sector.
The National Steering Committee includes representatives from the finance, justice, foreign affairs, interior, industry, trade and investment, communications and taxation sectors, as well as the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
The committee is expected to address policy, legal, regulatory, institutional and infrastructure issues that could affect the establishment and operation of the centre.
Speaking at the inauguration, Lagos State Governor and Chairman of the LIFC Council, Babajide Sanwo-Olu, described the proposed centre as “strategic national infrastructure”, stressing that it should not be viewed solely as a Lagos project.
Sanwo-Olu said international financial centres were deliberately created by countries to mobilise long-term capital, deepen financial markets and connect domestic economies with global investment.
He said the LIFC would be built around institutional trust, regulatory quality, legal certainty and international connectivity.
The governor also clarified that the centre would not operate as a tax haven or provide a platform for regulatory arbitrage or illicit financial activities.
Rather, he said, its competitiveness would be based on creating a predictable and transparent environment that gives investors confidence.
Sanwo-Olu noted that Lagos already had the financial ecosystem required to host the centre, given the concentration of banks, capital market operators, insurance companies, fintech firms, professional services providers and investment institutions in the state.
He added that the economic benefits of the initiative should extend beyond Lagos by facilitating the flow of capital into productive sectors across Nigeria.
Also speaking, Chairman of EnterpriseNGR and Co-Chairman of the LIFC Council, Aigboje Aig-Imoukhuede, said the initiative had entered its final development phase, with promoters working towards a soft launch in the first quarter of 2027.
Aig-Imoukhuede said capital was highly mobile and would gravitate towards jurisdictions where investors felt safe, could operate under predictable rules and saw opportunities for growth.
He said the LIFC was expected to help attract capital that could finance projects across sectors including technology, agriculture, infrastructure and manufacturing.
According to him, the centre could also create high-value employment, deepen Nigeria’s capital markets, strengthen professional services and expand the country’s tax base.
The promoters have already undertaken preparatory work, including the development of a strategic blueprint, legal and regulatory gap assessments, as well as work on the centre’s business plan, institutional operating model and implementation economics.
The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, pledged the Federal Government’s support in developing the legal framework required to provide certainty for investors.
He said relevant Federal and sub-national laws would be reviewed to determine those requiring amendment, enhancement or repeal.
The Executive Chairman of the Nigeria Revenue Service, Zacch Adedeji, urged stakeholders to move quickly from planning to implementation, stressing the need to develop a model suited to Nigeria’s constitutional, legal and economic realities.
Minister of Industry, Trade and Investment, Jumoke Oduwole, described the LIFC as a catalytic initiative capable of supporting Nigeria’s ambition to build a $1 trillion economy by 2030.
The Ministry of Foreign Affairs also pledged to deploy Nigeria’s diplomatic network to promote the financial centre internationally and develop partnerships with established financial centres across the world.
The LIFC is a joint initiative of the Federal Government, Lagos State Government and the private sector, through EnterpriseNGR, aimed at establishing an internationally competitive financial centre in Lagos and positioning Nigeria as a trusted gateway for global capital seeking opportunities across the country and Africa.
With the inauguration of the National Steering Committee, the initiative has moved from years of consultation and planning into a coordinated national implementation phase ahead of the proposed first-quarter 2027 soft launch.