FG Inaugurates Panel For Lagos Int’l Financial Centre Initiative

…tasks steering c’ttee to work collectively to create a globally competitive financial ecosystem

The Federal Government has formally inaugurated the National Steering Committee for the Lagos International Financial Centre (LIFC) Initiative, marking a significant milestone in Nigeria’s drive to establish a globally competitive financial hub in Africa.

Speaking at the inauguration ceremony held on Wednesday in Abuja, the Secretary to the Government of the Federation, Sen. George Akume, stated that the LIFC was a strategic initiative designed to deepen Nigeria’s capital markets, attract domestic and foreign investment, promote financial innovation, and strengthen the country’s financial ecosystem for sustainable economic growth.

“The establishment of the LIFC presents an opportunity to leverage Lagos’ strategic position and Nigeria’s economic potential to create a financial centre of international standing,” he said.

He noted that President Bola Ahmed Tinubu has endorsed the LIFC Initiative as a strategic national economic priority and directed the Office of the Secretary to the Government of the Federation to coordinate Federal Government support for its implementation.

The Committee, he added, brought together key Federal Government institutions, the Lagos State Government, and private sector stakeholders to ensure effective coordination in addressing policy, legal, regulatory, institutional, and infrastructure issues critical to the Centre’s success.

He urged members to approach the assignment with commitment and urgency, emphasising that the success of the LIFC would depend on a strong whole-of-government approach and effective partnership between the Federal Government, Lagos State Government, and the private sector.

The Secretary to the Government of the Federation assured the Committee of the full support of his Office in facilitating the discharge of its mandate.

The National Steering Committee has the SGF as the Chairman and the Lagos State Governor, Babajide Sanwoolu, as the Co-Chairman.

Shadow Chair: Permanent Secretary (GSO) OSGF, Dr Ibrahim Abubakar Kana, mni, DRM; Shadow Co-Chair: Hon. Commissioner for Finance, Lagos State Government, Mr Abayomi Oluyomi.

Others were: Honourable Minister of Finance and Coordinating Minister of the Economy – Taiwo Oyedele; Honourable Attorney General of the Federation and Minister of Justice – Lateef Fagbemi, SAN; Honourable Minister of Foreign Affairs, Amb. Bianca Odumiegwu-Ojukwu; Honourable Minister of Interior of Nigeria is Dr. Olubunmi Tunji-Ojo; Honourable Minister of Industry, Trade and Investment Dr. Jumoke Oduwole, MFR; Honourable Minister of Communications, Innovation & Digital Economy, Dr. ‘Bosun Tijani; Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso; Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama; Executive Chairman of the Nigeria Revenue Service (NRS) Dr. Zacch Adedeji and EnterpriseNGR Chairman Aigboje Aig- Imoukhuede.

Members of the Secretariat were: Director of Legal Services (OSGF), Mrs Kamilatu M. Kida and CEO, EnterpriseNGR, Ms Obi Obiekwe.

The highpoint of the inauguration ceremony was an elaborate briefing and presentation made by the Co-Chairman of the Committee and the Executive Governor of Lagos State, Babajide Sanwo-Olu.

He explained that International Financial Centres are deliberate instruments of national economic strategy: trusted jurisdictions built to mobilise long-term capital, deepen markets and connect domestic opportunity to global capital. Their foundations are institutional trust, regulatory quality, legal certainty and international connectivity.

LIFC, he explained, could become the trusted platform through which Nigeria compete for global capital — and through which capital accesses African opportunity.

The Committee, the Governor added, brought together key Federal Government institutions, the Lagos State Government, and private sector stakeholders ”