Nigeria steps up race for global capital with Lagos International Financial Centre

The Federal Government has backed the establishment of the Lagos International Financial Centre (LIFC), with stakeholders targeting a soft launch of the initiative in the first quarter of 2027.
The development followed the inaugural meeting of the LIFC National Steering Committee in Abuja on Wednesday, where the Federal Government, Lagos State Government and the private sector, represented by EnterpriseNGR, agreed to strengthen the implementation framework for the proposed financial centre.

The initiative is designed to position Lagos as a gateway for global capital into Nigeria and the wider African market, while supporting the country’s ambition of building a US$1 trillion economy by 2030.

George Akume, secretary to the Government of the Federation, who inaugurated the committee, said President Bola Tinubu had endorsed the LIFC as a strategic national economic priority and directed his office to coordinate Federal Government support for the project.
According to Akume, the centre presents an opportunity to leverage Lagos’ position and Nigeria’s economic potential to create a financial centre of international standing.

The committee brings together Federal institutions responsible for finance, justice, foreign affairs, immigration, trade and investment, communications and taxation, as well as the Central Bank of Nigeria and the Securities and Exchange Commission.

The Federal Government said the arrangement would help address the legal, fiscal, regulatory, immigration, investment promotion and digital infrastructure requirements necessary for establishing the centre.

‘Strategic national infrastructure’

Lagos State Governor Babajide Sanwo-Olu, chairman of the LIFC Council, described the proposed centre as “strategic national infrastructure”, arguing that it should not be viewed merely as a Lagos project but as part of Nigeria’s long-term economic strategy.

He said international financial centres were deliberately created to mobilise long-term capital, deepen financial markets, build trusted jurisdictions and connect domestic economies with global investment.

Sanwo-Olu said the ambition for Lagos was to establish Africa’s premier international financial centre and create a trusted gateway through which global capital could access opportunities in Nigeria and across Africa.

He said the centre’s competitiveness would depend on institutional trust, regulatory quality, legal certainty and international connectivity.

The governor also clarified that the proposed centre would not operate as a tax haven or provide a platform for regulatory arbitrage or illicit financial activities.

Instead, he said, its competitiveness would depend on predictability, transparency and the quality of institutions available to international investors.

Lagos, according to him, has the ecosystem required to anchor such a centre, given its concentration of banking, capital markets, insurance, fintech, professional services and investment activities.

The state government will continue to lead planning, infrastructure development and the Lagos-specific legislative and institutional framework required to support the centre.

Sanwo-Olu, however, stressed that the impact of the LIFC should extend beyond Lagos and survive successive administrations.

Private sector seeks implementation

Aigboje Aig-Imoukhuede, chairman of EnterpriseNGR and co-chairman of the LIFC Council, said the partnership between the Federal Government, Lagos State and the private sector demonstrated what Nigeria could achieve when institutions worked towards a common economic objective.

“I believe this will become a case study that will be written about in history as an example of how Nigeria can truly work. Nigeria is powerful, and Nigeria needs capital.”

Aig-Imoukhuede said the ability to attract international capital would depend largely on the confidence investors had in Nigeria’s institutions and operating environment.

“Capital is perhaps the most discerning visitor that I know,” he said. “Capital goes where it feels safe. It goes where it believes it can grow. It goes where it feels comfortable.”

He said the LIFC had already undergone substantial preparatory work, including the development of a strategic blueprint, legal and regulatory gap assessments, a business plan, institutional operating model and implementation economics.

Specialist workstreams are also examining legal and regulatory reforms, institutional capability and the international positioning of the centre.

KPMG is supporting the project office, while TheCityUK is providing international technical support funded by the UK government.

Aig-Imoukhuede said the project was now approaching its final development phase, with promoters working towards a soft launch in the first quarter of 2027.

Legal, tax reforms

Lateef Fagbemi, attorney-general of the Federation and Minister of Justice, pledged Federal Government support for creating the legal certainty needed to attract investors.
He said the government would identify Federal and sub-national laws requiring amendment, enhancement or repeal to support the initiative.

Zacch Adedeji, executive chairman of the Nigeria Revenue Service, urged stakeholders to move quickly from planning to implementation.

He said the LIFC model should reflect Nigeria’s constitutional, legal and economic realities rather than simply replicate financial centres established in other jurisdictions.

Jumoke Oduwole, Minister of Industry, Trade and Investment, described the initiative as a catalyst for Nigeria’s drive towards a US$1 trillion economy.

The Ministry of Foreign Affairs also committed to supporting the centre through Nigeria’s diplomatic network, international advocacy, investment diplomacy and strategic partnerships.

The promoters said the centre’s objective extends beyond attracting financial institutions to Lagos, as the capital mobilised through it is expected to finance projects across Nigeria in areas including infrastructure, technology, agriculture and manufacturing.

They said a successful LIFC could contribute to deeper capital markets, higher-value employment, stronger professional services, an expanded tax base and greater participation by Nigerian businesses in regional and international markets.