Sanwo-Olu rallies stakeholders to make Lagos a global financial hub
By Olakunle Oke
Governor Babajide Sanwo-Olu of Lagos State has called on stakeholders across the public and private sectors to strengthen collaboration aimed at positioning Lagos as a global financial hub through the Lagos International Financial Centre (LIFC).
The governor made the call during the launch of the Lagos International Financial Centre Phase 1 Report at Lagos House, Marina, noting that the project was conceived about two years ago to attract international capital, deepen financial markets, and create sustainable economic opportunities for Nigeria.
Sanwo-Olu, who chairs the LIFC Council, described the initiative as a strategic economic reform designed to boost Nigeria’s global competitiveness and establish Lagos as a leading international financial centre. He reaffirmed his administration’s commitment to the project, stressing that it is anchored on long-term institutional frameworks rather than individual leadership.
“The foundation we are laying today is for the future of our economy, our children, and generations to come. This is not just about Lagos; it is about building an economic legacy that will transform Nigeria’s financial ecosystem,” the governor said.
He explained that the LIFC model was deliberately structured to involve both state and national institutions to ensure sustainability beyond any administration, adding that the centre is expected to strengthen capital mobilisation, innovation, and economic growth.
The Lagos International Financial Centre is a Lagos State Government initiative developed in partnership with EnterpriseNGR. It outlines strategies and pathways for implementing reforms that will deepen Nigeria’s financial market, foster innovation, and accelerate economic growth.
Governor Sanwo-Olu commended EnterpriseNGR for driving the initiative and appreciated the United Kingdom Government and TheCityUK for providing technical and financial support during the formative phase. He noted that building a credible international financial centre requires strong institutions, sound regulations, and strategic investment partnerships.
Speaking at the event, Co-Chairman of LIFC, Mr. Aigboje Aig-Imoukhuede, lauded the Lagos State Government for promoting collaboration with private sector stakeholders, describing the LIFC as a shared economic ecosystem that thrives on strong government-business partnerships.
He described the completion of Phase 1 as a major milestone, revealing that Phase 2 would focus on policy reforms, legislative frameworks, and resource mobilisation to drive full implementation. According to him, the impact of the LIFC will extend beyond the Nigerian Stock Exchange and position Nigeria as a global financial destination.
British Deputy High Commissioner, Mr. Jonny Baxter, also commended the Lagos State Government and EnterpriseNGR for advancing the project and strengthening collaboration with federal institutions. He disclosed that the United Kingdom, through TheCityUK, is providing technical expertise to help identify Lagos’ comparative advantages and necessary regulatory reforms.
Baxter described the LIFC as a major economic milestone capable of unlocking domestic and international capital flows to support infrastructure development, job creation, and overall economic growth.
Similarly, Lagos State Commissioner for Finance, Mr. Abayomi Oluyomi, said sustained collaboration with investors and key stakeholders would be critical to making the project a reality and ensuring Lagos emerges as a globally competitive financial centre.