President Tinubu
Tosin Ogunrinde
President Bola Ahmed Tinubu has endorsed the establishment of the Lagos International Financial Centre (LIFC) as a strategic national economic initiative aimed at attracting global capital, deepening Nigeria’s financial markets and strengthening the country’s position as a leading investment destination in Africa.
The Federal Government and the Lagos State Government are targeting the first quarter of 2027 for the launch of the proposed financial centre.
The development followed the inauguration of the National Steering Committee for the LIFC in Abuja on Wednesday by the Secretary to the Government of the Federation (SGF), George Akume.
The committee brings together representatives of the Federal Government, Lagos State Government, financial regulators and private-sector stakeholders to oversee the implementation of the initiative.
Akume said President Tinubu had personally endorsed the project and directed his office to coordinate Federal Government support towards its implementation.
According to him, the LIFC is designed to deepen Nigeria’s capital markets, attract domestic and international investment, promote financial innovation, strengthen the country’s financial ecosystem and contribute to sustainable economic growth.
He said the initiative would also leverage Lagos’ strategic economic position and Nigeria’s broader potential to develop a financial centre capable of competing with established international centres.
Akume charged members of the committee to urgently address the policy, legal, regulatory, institutional and infrastructural challenges that could hinder the successful establishment of the centre.
He stressed that the success of the project would require close cooperation among the Federal Government, Lagos State Government and the private sector.
Lagos State Governor Babajide Sanwo-Olu, who is co-chairman of the steering committee, described the LIFC as “strategic national infrastructure” that should outlive individual political administrations.
Sanwo-Olu said the project was not solely about Lagos, but a national initiative whose benefits should extend across the country.
He also dismissed concerns that the proposed financial centre could become a tax haven or a platform for regulatory evasion and illicit financial activities.
According to him, the LIFC would instead be built as a trusted platform through which Nigeria could compete for international investment.
“Capital goes where it feels safe, where it can grow and where there is confidence in the environment,” Sanwo-Olu said.
He noted that successful international financial centres were built around trust, legal certainty, regulatory quality and strong institutional frameworks.
The Chairman of EnterpriseNGR, Aigboje Aig-Imoukhuede, said Nigeria’s need for capital made it essential to create an environment where international investors would be confident committing funds for the long term.
He identified four key requirements for the success of the LIFC: legal and regulatory certainty, regulatory quality, institutional responsiveness and sufficient depth in financial markets.
Aig-Imoukhuede said Nigeria already had several institutions with the required capabilities, but greater coordination among them was necessary to create the level of confidence expected by international investors.
He said the proposed centre would bring together critical institutions, including financial regulators and key economic ministries, to create an integrated ecosystem for global investors.
Aig-Imoukhuede stressed that the benefits of the initiative would extend beyond Lagos, as capital attracted through the financial centre could be deployed into projects and businesses across various sectors and parts of Nigeria.
He said the initiative could generate high-value employment, strengthen the formal economy, increase government revenue and support broader economic growth.
He disclosed that the project was approaching its final phase, with the promoters targeting the first quarter of 2027 for its launch.
The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, said legal certainty would be critical to attracting international investors.
Fagbemi explained that investors typically consider the legal framework governing their investments before committing funds, stressing that predictable and enforceable laws would be essential to building investor confidence.
He said the government would identify laws requiring amendment, enhancement or repeal to ensure the legal framework supports the objectives of the financial centre.
Minister of Industry, Trade and Investment, Jumoke Oduwole, described the LIFC as a potential catalyst for President Tinubu’s ambition of growing Nigeria into a $1 trillion economy by 2030.
She, however, stressed that achieving the objective would require strong coordination among ministries, regulators and other government institutions.
The Central Bank of Nigeria (CBN) also pledged its support for the initiative, while warning that the drive to attract global capital must not create opportunities for money laundering, terrorism financing or regulatory arbitrage.
CBN Deputy Governor, Economic Policy Directorate, Philip Ikeazor, said Lagos was naturally positioned to host the centre because of its longstanding status as Nigeria’s commercial and financial capital.
He said Nigeria continued to attract investment interest despite periods of global economic and geopolitical uncertainty, adding that the country must now strengthen the fundamentals required to retain and increase that confidence.
Ikeazor said the CBN was fully aligned with the initiative and would work with other stakeholders towards its successful implementation.
He identified areas such as virtual assets, foreclosure procedures and the speedy resolution of commercial disputes as some of the legal and regulatory issues requiring attention before the centre becomes operational.
The Ministry of Foreign Affairs also pledged to use Nigeria’s diplomatic network to promote the LIFC internationally and establish partnerships with other financial centres around the world.
With the inauguration of the National Steering Committee, the Lagos International Financial Centre has moved from years of consultations and planning into a coordinated implementation phase.
The major challenge ahead will be translating the ambition into a globally competitive financial ecosystem built on legal certainty, credible regulation, efficient institutions and investor confidence ahead of the proposed first-quarter 2027 launch.
