Sopuruchi Onwuka

Lagos State is set to establish West Africa’s first International Financial Centre following the launch of a landmark report by TheCityUK in collaboration with the UK Government, the Lagos State Government, the Lagos International Financial Centre Council, and EnterpriseNGR.

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The report, titled “Establishing an International Financial Centre in Lagos (LIFC), Nigeria,” outlines a strategic roadmap to position Lagos as a regional hub for international finance and investment, with the aim of driving innovation, sustainable economic growth, and long-term prosperity for Nigeria and the wider West African region.

The LIFC initiative aligns with Nigeria’s Agenda 2050 and the Lagos State Development Plan 2052, and is designed to deepen financial markets, attract productive global capital, and support economic transformation. The project underscores the importance of public-private partnership, combining government leadership with private sector participation to unlock opportunities in Nigeria’s youthful and expanding economy.

The report was unveiled at an event held at the State House, Marina, Lagos, attended by Lagos State Governor Babajide Sanwo-Olu; British Deputy High Commissioner Jonny Baxter; and EnterpriseNGR Board Chairman and Chief Executive Officer Aigboje Aig-Imoukhuede, alongside EnterpriseNGR CEO Obi Ibekwe.

According to the report, the proposed International Financial Centre will support Nigeria’s ambition to become an upper-middle-income country by 2050 by promoting inclusive growth, reducing poverty, and creating high-value jobs, particularly for young Nigerians. It highlights the benefits of strong UK–Nigeria collaboration, drawing on global best practices and international benchmarks to ensure the centre meets world-class standards.

The report recommends the establishment of an independent International Financial Centre model for Lagos, providing regulatory clarity, simplified tax and policy frameworks, and improved investor confidence, with broader economic benefits for Nigeria. It identifies green and sustainable finance, financial technology and innovation, and commodities trading and capital markets as priority areas that offer strong investor interest and significant economic impact.

It also calls for robust legal and regulatory frameworks, independent governance structures, and close cooperation between Lagos State, the Federal Government, and private sector stakeholders to ensure effective implementation. Emphasis is placed on developing domestic talent, easing visa regimes for international professionals, and creating a strong pipeline of skilled workers to support the centre’s long-term success.

To attract global investment, the report recommends competitive tax regimes, tailored incentives aligned with national development objectives, and streamlined business processes.

Speaking at the launch, Governor Babajide Sanwo-Olu said Lagos was fully committed to establishing the International Financial Centre, describing it as a critical tool for supporting seamless trading and enhancing the competitiveness of financial markets.

He said that as Nigeria’s largest economic and financial centre, Lagos plays a central role in driving the nation’s capital markets and must create an ecosystem that facilitates investment flows, enhances market liquidity, and promotes financial literacy. According to him, the LIFC will strengthen market infrastructure, unlock new public-private partnership opportunities in technology and capital market development, attract foreign investment, and boost market competitiveness.

British Deputy High Commissioner Jonny Baxter said the report reflected the deepening partnership between the UK and Nigeria, combining Lagos’s strengths with UK expertise at a critical point in Nigeria’s reform journey. He said the LIFC has the potential to unlock significant domestic and international investment, deepen capital markets, create jobs, and drive sustainable economic growth across the country, beyond Lagos State.

Managing Director, International at TheCityUK, Nicola Watkinson, described Nigeria as a dynamic, high-growth market, saying the Lagos International Financial Centre could be vital to its future development. She said a modern, integrated regulatory and business environment would help attract global and domestic capital, deepen local markets, promote innovation in fintech and green finance, and create high-value jobs for Nigeria’s youth, adding that the initiative demonstrates the strengthening strategic partnership between the UK and Nigeria.