Sanwo-Olu seeks stakeholders’ collaboration to position Lagos as financial hub

Gov. Babajide Sanwo-Olu of Lagos has called on stakeholders in the public and private sectors to sustain collaboration toward positioning the state as a global financial hub through the Lagos International Financial Centre (LIFC).

The governor made the call at the launch of the Lagos International Financial Centre Phase 1 Report in Lagos, according to a statement by Mr Gboyega Akosile, Special Adviser  to the governor on Media and Publicity.

The statement was made available to newsmen  on Sunday in Lagos.

The governor said the LIFC project, conceived about two years ago, was designed to attract international capital, deepen financial markets, and create sustainable economic opportunities for Nigeria.

“The foundation we are laying today is for the future of our economy, our children and generations to come.

“This is not just about Lagos; it is about building an economic legacy that will transform Nigeria’s financial ecosystem,” Sanwo-Olu said.

The governor,  who chairs the LIFC Council, reaffirmed his administration’s commitment to establishing the financial centre, describing it as a strategic economic reform aimed at strengthening Nigeria’s global competitiveness.

“We have designed a model that involves both state and national institutions so that the project becomes institutional rather than personality-driven.

“It is about building a sustainable structure that will outlive any administration,” he said.

The governor  also commended EnterpriseNGR for driving the initiative and thanked the United Kingdom Government and TheCityUK for  technical and financial support during the formative phase.

According to him, the development of a credible international financial centre requires strong institutional frameworks and strategic investment partnerships.

Earlier, the co-Chairman of LIFC, Mr Aigboje Aig-Imoukhuede, said the project was built on strong collaboration between government and private sector players to stimulate financial and economic growth.

He described the completion of Phase 1 as a milestone, noting that Phase 2 would focus on policy reforms and legislative frameworks. and resource mobilisation.

“The scale and impact of the Lagos International Financial Centre will go beyond the Nigerian Stock Exchange.

“It will strengthen capital mobilisation, expand financial institutions, and position Nigeria as a global financial destination,” Aig-Imoukhuede said.

The British Deputy High Commissioner to Nigeria, Mr Jonny Baxter, applauded  Lagos State Government and EnterpriseNGR for strengthening collaboration with federal institutions.

He said that a well-structured international financial centre would unlock domestic and international capital flows into infrastructure, job creation, and economic growth.

“A well-designed international financial centre can unlock significant domestic and international capital flows.

“These resources will support infrastructure development, boost productive sectors and create employment opportunities,” Baxter said.

In his remarks, the Lagos  Commissioner for Finance, Mr Abayomi Oluyomi, said the success of the project would depend largely on sustained collaboration with investors and key stakeholders.

He expressed confidence that the LIFC would emerge as a globally competitive platform capable of transforming the state  into a major financial destination.

The Lagos International Financial Centre is a joint initiative of the Lagos State Government and EnterpriseNGR.

“It is designed to provide a clear strategy and implementation pathway for deepening Nigeria’s financial markets and fostering innovation.

Vanguard News

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