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The Federal Government has formally backed the establishment of the Lagos International Financial Centre, directing key institutions to address the legal, regulatory, fiscal, immigration, investment and digital infrastructure requirements needed to make the project internationally competitive
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The inauguration of the LIFC National Steering Committee brings together the Federal Government, Lagos State and EnterpriseNGR in a coordinated effort to position Lagos as a major gateway for global capital into Nigeria and the wider African market.
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Lagos State Governor Babajide Sanwo-Olu described the proposed centre as “strategic national infrastructure”, insisting that it should not be treated merely as a Lagos project but as a long-term economic instrument capable of deepening Nigeria’s financial markets and supporting the country’s ambition of becoming a $1 trillion economy.
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With strategic, legal and regulatory groundwork already underway, promoters of the initiative say the LIFC is entering its final development phase and is being positioned for a soft launch in the first quarter of 2027.
September 07, (THEWILL) — The Federal Government has thrown its weight behind the establishment of the Lagos International Financial Centre (LIFC), strengthening efforts to transform Lagos into a globally competitive financial hub and a major gateway for international capital into Nigeria and Africa.
The development followed the inaugural meeting of the LIFC National Steering Committee in Abuja on Wednesday, September 2, 2026, where the Federal Government affirmed President Bola Ahmed Tinubu’s endorsement of the project as a strategic national economic priority.
In a statement on Sunday, Lagos said that under the new implementation framework, Federal Government institutions have been tasked with addressing the legal, fiscal, regulatory, immigration, investment promotion and digital infrastructure requirements considered essential to establishing and sustaining the proposed centre.
THEWILL reports that the move represents a major escalation in government support for the initiative, which was originally driven by the Lagos State Government in partnership with EnterpriseNGR and has undergone extensive consultations with government agencies, regulators, private-sector institutions and international partners over the past two years.
The new structure effectively creates a three-way partnership in which the Federal Government provides national policy and institutional backing, Lagos State leads development of the centre within the host jurisdiction, while EnterpriseNGR represents Nigeria’s financial and professional services industry in the design and implementation of the project.
The Secretary to the Government of the Federation, Senator George Akume, who inaugurated the National Steering Committee, said President Tinubu had directed his office to coordinate Federal Government support for the initiative.
Akume said the LIFC offered Nigeria an opportunity to leverage Lagos’ strategic commercial position and the country’s economic potential to build a financial centre capable of competing on the international stage.
He said the composition of the committee reflected the scale of coordination required to tackle the policy, legal, regulatory, institutional and infrastructure challenges associated with establishing an international financial centre.
The committee brings together senior representatives of critical Federal institutions responsible for finance, justice, foreign affairs, immigration, trade and investment, communications and taxation, alongside the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
The broad institutional representation is expected to improve coordination and provide investors with greater regulatory clarity, legal certainty and confidence when operating through Nigeria.
Speaking at the meeting, Governor Babajide Sanwo-Olu, Chairman of the LIFC Council, described the proposed centre as “strategic national infrastructure,” arguing that its importance extends beyond the boundaries of Lagos.
According to him, the centre should be viewed as an instrument of Nigeria’s long-term economic strategy rather than simply another investment project located in the commercial capital.
International financial centres, Sanwo-Olu noted, are deliberately developed by countries to mobilise long-term capital, deepen financial markets, provide trusted jurisdictions for investors and connect domestic economies with international finance. He said Lagos’ ambition was therefore not simply to attract financial institutions into a particular geographical location, but to establish Africa’s premier international financial centre.
The centre, he said, is intended to become a trusted gateway through which global investors can access opportunities in Nigeria and across the African continent.
Sanwo-Olu stressed that the credibility of the environment created around the LIFC would be central to its success. He identified institutional trust, regulatory quality, legal certainty and international connectivity as essential pillars of the proposed centre.
The governor also ruled out the possibility of the LIFC becoming a tax haven or a vehicle for regulatory arbitrage and illicit financial activities. Rather, he said, its competitiveness would be based on transparency, predictability, strong institutions and the quality of the regulatory environment available to domestic and international investors.
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Lagos’ Financial Ecosystem
Lagos is considered strategically positioned to host the centre because of its dominant role in Nigeria’s financial and commercial activities.
The state has a substantial concentration of the country’s banking, insurance, capital markets, fintech, asset management and professional services industries, providing the market depth and ecosystem required to support an international financial centre.
The Lagos State Government is expected to continue leading critical areas of the project, including planning, infrastructure development and the state-level legislative and institutional framework required to support the centre.
However, Sanwo-Olu insisted that the eventual benefits of the LIFC must extend beyond Lagos. He said the proposed centre should become an enduring national institution capable of surviving changes in government and strengthening Nigeria’s ability to compete for international capital over the long term.
The project is also being linked to the Federal Government’s ambition of building a $1 trillion Nigerian economy by 2030.
Achieving that target, stakeholders argue, will require significantly deeper pools of domestic and international capital, stronger financial intermediation, greater investor confidence and institutions capable of connecting Nigerian businesses and projects with global finance.
The LIFC is expected to serve as one of the platforms through which those objectives can be advanced.
Private Sector Takes Key Role
The private sector, represented by EnterpriseNGR, has remained central to the development of the initiative from its earliest stages. The organisation has brought together stakeholders from banking, insurance, capital markets, asset management and professional services, feeding industry perspectives into the strategic and institutional design of the proposed centre.
Chairman of EnterpriseNGR and Co-Chairman of the LIFC Council, Mr Aigboje Aig-Imoukhuede, described the partnership between the Federal Government, Lagos State and the private sector as an example of what could be achieved when Nigerian institutions align behind 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”, he said.
Aig-Imoukhuede stressed that international capital is highly mobile and will ordinarily move towards jurisdictions where investors feel secure, rules are predictable, and opportunities offer prospects for sustainable growth.
“Capital is perhaps the most discerning visitor that I know,” he said, adding that capital goes where it “feels safe”, where it believes it can grow and where investors feel comfortable.
That principle, he said, has informed the development of the LIFC.
Work Already Underway
Significant preparatory work has already been undertaken on the project, including the development of a strategic blueprint, legal and regulatory gap assessments, as well as work on its business plan, institutional operating model and implementation economics.
Specialist workstreams are also examining legal and regulatory reforms, institutional capacity and the international positioning of the centre.
KPMG is supporting the LIFC Project Office, while TheCityUK is providing international technical support under funding from the United Kingdom Government.
The objective is to ensure that the proposed centre is not merely created as a physical financial district but operates within an ecosystem capable of attracting international businesses, investors, professionals and transactions.
EnterpriseNGR has also emphasised that the ultimate objective is to ensure that international capital mobilised through Lagos translates into productive economic activity across Nigeria.
Under the vision, funds entering Nigeria through the LIFC could support infrastructure, technology, agriculture, manufacturing and other productive sectors.
Aig-Imoukhuede said the initiative had now entered its final development phase, with stakeholders working towards a soft launch in the first quarter of 2027.
FG Agencies Commit To Implementation
The inauguration of the steering committee also brought commitments from several key Federal Government officials.
Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, pledged Federal Government support for creating the legal certainty required to strengthen investor confidence. He said the government would examine Federal and sub-national laws that may require amendment, enhancement or repeal to facilitate the operation of the centre.
The Executive Chairman of the Nigeria Revenue Service, Zacch Adedeji, urged stakeholders to move quickly from planning to implementation. He cautioned against simply copying international financial-centre models developed in other jurisdictions, stressing that the Nigerian framework must reflect the country’s constitutional, legal and economic realities.
The Minister of Industry, Trade and Investment, Jumoke Oduwole, described the LIFC as a catalytic initiative capable of helping accelerate Nigeria’s journey towards a $1 trillion economy.
The Ministry of Foreign Affairs also committed to supporting the project through Nigeria’s diplomatic network, international advocacy, investment diplomacy and strategic partnerships.
Felix Ifijeh is a journalist with years of professional reporting experience. Known for his keen news sense, compelling storytelling and commitment to accurate, impactful reporting, he has built a reputation for turning leads into clear, engaging, and well-structured reports that resonate with readers. His work reflects deep newsroom experience and a commitment to accurate, impactful journalism.
