Governor Babajide Sanwo-Olu> has revealed that President Bola Ahmed Tinubu> is enthusiastic about the proposed Lagos International Financial Centre (LIFC) and is prepared to review a detailed proposal that could reposition Nigeria within the global financial system.
Speaking at the Nigeria Foreign Direct Investment Training Programme at the University of Cambridge>, Sanwo-Olu said the President fully appreciates the transformative potential of establishing a world-class international financial hub in Lagos and is ready to provide leadership support once formal plans are presented.
According to the governor, the Lagos International Financial Centre is a national economic strategy rather than a regional project.
“This is not about Lagos alone, and it is not about any individual,” he stated. “It is about positioning Nigeria properly within the global financial system. If we get this right, we will create jobs, attract investment, and send a clear signal that Nigeria is serious about competing at the highest level.”
A Strategic Push for Global Competitiveness
The proposed financial centre aims to attract foreign direct investment (FDI), deepen capital markets, and strengthen Nigeria’s competitiveness as a destination for international finance. Analysts say such a hub could serve as a gateway for global investors seeking access to African markets.
Sanwo-Olu noted that strong presidential backing is critical to the success of the initiative, particularly in aligning regulatory reforms, fiscal incentives, and infrastructure development required to meet international financial standards.
International Partnerships and Private Sector Collaboration
The governor expressed appreciation to strategic partners supporting the initiative, including TheCityUK>, the Foreign Commonwealth and Development Office>, and EnterpriseNGR>, alongside key private sector leaders.
Observers say the collaboration between government and international financial institutions signals growing confidence in Nigeria’s economic reform trajectory.
Economic and Social Impact
If successfully implemented, the Lagos International Financial Centre could:
- Generate high-value employment opportunities
- Boost capital inflows and foreign exchange earnings
- Strengthen Nigeria’s financial services exports
- Enhance regulatory and governance standards
- Improve investor confidence
Sanwo-Olu emphasized that groundwork for the project has already commenced, stressing the need for sustained focus and commitment to see it through.
“We have started the work. Now we must stay focused and see it through,” he said.
Economic experts note that establishing a globally competitive financial centre would not only elevate Lagos’ status but also position Nigeria as a major financial gateway on the African continent, reinforcing its role in international trade and investment flows.
