FG Inaugurates National Steering Committee for Lagos International Financial Centre

ABUJA — The Federal Government has inaugurated the National Steering Committee for the implementation of the Lagos International Financial Centre (LIFC), a strategic initiative aimed at positioning Lagos as the financial capital of Africa.

The inauguration took place in Abuja as part of efforts to strengthen intergovernmental collaboration and establish an effective coordination mechanism for the implementation of the financial centre.

Speaking on the development, the Lagos State Governor said he joined the Secretary to the Government of the Federation, Mr George Akume, at the inaugural meeting of the initiative in Abuja.

He said the Office of the SGF would coordinate relevant Ministries, Departments and Agencies (MDAs), as well as other stakeholders, to facilitate effective interagency coordination and ensure the successful implementation of the LIFC.

The Lagos International Financial Centre is a flagship initiative of the Lagos State Government and EnterpriseNGR, with strong support from the Federal Government.

The strategic objective of the initiative is to position Lagos as the financial capital of Africa and a globally competitive hub for green and sustainable finance, fintech and innovation, as well as commodities and capital markets.

The Governor recalled that in November 2023, he issued an Executive Order for the formal establishment of the LIFC, which also instituted the LIFC Council as the principal governance body of the initiative.

According to him, the project has now entered its third phase of implementation, making the inauguration of the National Steering Committee a significant step towards translating the vision of the financial centre into reality.

He said the committee would work closely with the Lagos State Government and other stakeholders to advance the implementation of the initiative and achieve its strategic objectives.

The LIFC is expected to strengthen Lagos' position within the global financial ecosystem, attract investment, promote innovation and deepen the state's contribution to Nigeria's financial and economic development.

The Governor expressed optimism that the collaboration between the Federal Government, Lagos State Government, EnterpriseNGR and other stakeholders would accelerate the realisation of the Lagos International Financial Centre and establish Lagos as a leading global destination for financial services, investment and innovation.