Lagos Gov’t, LIFC ink MoU with City of UK, FCDO for Lagos International Finance Centre
By Sodiq Adelakun
The Lagos State Government, in collaboration with EnterpriseNGR under the Lagos International Financial Council (LIFC), has formalised an agreement with The City UK and the Foreign, Commonwealth and Development Office (FCDO) to establish an International Financial Centre in Lagos. This initiative aims to stimulate economic development and position Lagos as a major financial hub in sub-Saharan Africa.
The Memorandum of Understanding (MoU) was signed on Monday by Lagos State Commissioner for Finance, Mr Yomi Oluyomi; CEO of EnterpriseNGR, Mrs Obi Ibekwe; Head of Eurasia, Middle East and Africa at The City UK, Chika Mourah; and Director of International Development at The City UK, Anna Rogers.
The event was attended by Lagos State Governor and LIFC Chairman, Mr Babajide Sanwo-Olu; Co-Chairman of LIFC and Chairman of Access Holdings, Mr Aigboje Aig-Imoukhuede; Charge d’Affaires at the British Deputy High Commission in Lagos, Mr Simon Field; Secretary to the Lagos State Government, Mrs Bimbola Salu-Hundeyin; and Head of Service, Mr Bode Agoro, among others.
During the signing ceremony, Governor Sanwo-Olu reaffirmed his administration’s commitment to realising the vision of the Lagos International Financial Centre and called for collective support to ensure its success.
“The signing of this MoU marks the beginning of a new phase in the establishment of the Lagos International Financial Centre, which will make Lagos the first city in sub-Saharan Africa to host such a financial hub,” he stated.
“This initiative is not solely about Lagos but about creating an environment that enhances both local and international investments, fostering a more predictable and reliable financial ecosystem in this region.”
The governor also expressed gratitude to the project’s partners for their financial and technical contributions towards bringing the centre to fruition.
Speaking earlier, LIFC Co-Chairman Mr Aigboje Aig-Imoukhuede commended Governor Sanwo-Olu and his administration for their determination in advancing the vision of the LIFC.
“The leadership of Babajide Sanwo-Olu is a great asset to Lagos, and those of us in the financial sector appreciate his commitment,” he remarked.
He described the MoU as a significant milestone for the Lagos International Financial Centre project, adding, “Today, we are carrying the banner of Lagos State, Nigeria, and Africa as a whole. We are progressing towards the long-anticipated goal of establishing a global financial hub in Lagos.”
Aig-Imoukhuede also acknowledged the media’s role in providing accurate and insightful coverage of the initiative, urging continued support in raising awareness about the project’s importance.
Anna Rogers, Director of International Development at The City UK, highlighted the partnership’s significance in positioning Lagos as a dominant financial force on the African continent.
“The City UK is proud to be a strategic partner in the development of the Lagos International Financial Centre. The Lagos State Government’s decision to embark on this journey is highly commendable, and we are thrilled to be part of it,” she said.
She further noted that the collaboration would serve as a platform for financial professionals, policymakers, and regulators from the UK and Nigeria to exchange expertise on best practices in corporate governance, financial services regulation, technological innovation, and other key areas.
“This initiative will enhance trade, increase investment flows, and strengthen partnerships between Nigeria, the UK, and the global financial community,” she concluded.
