The LIFC initiative aligns with Nigeria’s Agenda 2050 and the Lagos State Development Plan 2052, to deliver long-term economic prosperity, deepen financial markets, and attract productive global investment.

The project showcases the power of public-private partnership, bringing visionary leadership from the government together with private sector companies seeking to tap into Nigeria’s young, dynamic market to deliver economic growth.

The report was launched at an event at State House Marina with guests including Lagos State Governor, Babajide Sanwo-Olu, British Deputy High Commissioner Jonny Baxter, and EnterpriseNGR Board Chairman and CEO, Aigboje Aig-Imoukhuede and Obi Ibekwe.

Key Highlights from the Report:

• Strategic Vision: The LIFC will support Nigeria’s ambition to become an upper-middle-income country by 2050, driving inclusive growth, reducing poverty, and creating high-value jobs, especially for Nigeria’s talented youth.
• International Collaboration: The report highlights the benefit of strong UK-Nigerian co-operation, building on best practices and global benchmarks to align the LIFC with international standards.
• Model Recommendation: The report recommends the development of an independent IFC model for Lagos, and the steps to achieve this. An IFC will deliver, regulatory clarity, simplified tax and policy settings and offer greater investor confidence and economic benefits for the wider Nigerian economy.
• Unique Selling Points: The LIFC should focus on areas which can deliver the greatest economic benefits matched to investor interest. Consultations have suggested three areas for its initial focus: Green and Sustainable Finance, FinTech & Innovation, and Commodities Trading & Capital Markets. These sectors are identified as key drivers for Nigeria’s future competitiveness and growth.
• Governance and Legal Reform: The report calls for robust legal and regulatory frameworks, an independent governance framework, and strong collaboration between Lagos State, Federal Government, and private sector stakeholders to drive the implementation of the IFC.
• Talent and Human Capital: A focus on developing domestic talent, easing visa regimes for international professionals, and building a pipeline of skilled workers will underpin the LIFC’s success.
• Tax and Incentives: Recommendations include competitive tax regimes, tailored incentives for investment that aligns to the national vision, and streamlined business processes to attract global capital.

On the report, Babajide Sanwo-Olu, Lagos State Governor, said, “Lagos is fully committed to the birth of the International Financial Centre. We know that it is a veritable means of supporting seamless trading and to enhance competitiveness of financial markets.

As Nigeria’s largest economic and financial centre, Lagos plays a critical role in driving the nation’s capital markets. We need to create an ecosystem that will help to facilitate investment flows, enhance market liquidity, and promote financial literacy.

“The LIFC initiative will not only strengthen our market infrastructure but also unlock new opportunities for public-private partnerships in technology and capital market development. It will support seamless trading, attract foreign investment and enhance competitiveness of financial markets.”

Jonny Baxter, British Deputy High Commissioner, commented; 

“The launch of the Lagos International Financial Centre report reflects the deepening of UK-Nigeria partnership, combining Lagos’s comparative strengths with UK expertise. Anchored in clear, evidence‑based analysis and launched at a pivotal moment in Nigeria’s reform journey, the LIFC has the potential to unlock major domestic and international investment, deepen capital markets, create jobs, and drive sustainable economic growth across the country, not just in Lagos State.”

Nicola Watkinson, managing director, International, TheCityUK,  said,

“Nigeria is a high-growth, dynamic and large market and the Lagos International Financial Centre could be vital to its future. By building a modern, integrated business and regulatory environment and financial ecosystem, the LIFC will support the attraction of global and domestic capital, deepen domestic markets, facilitate innovation in FinTech and green finance, and create high‑value jobs for Nigeria’s youth.

“Supporting the development of Lagos as an international financial centre is a clear example of how the UK and Nigeria are deepening their strategic partnership.”

The success of this historic participation set the stage for a series of engagements culminating in the “InvestLagos” Reception, held a few days after the Lord Mayor’s Show.

In partnership with EnterpriseNGR, Lagos State recently inaugurated the Lagos International Financial Centre (LIFC) Council to bolster Lagos’ standing as a global financial centre.

The LIFC Council thereafter took its “InvestLagos” strategy, and “Open for Business” message to the Lord Mayor’s Show, inviting the world to witness the vast opportunities Lagos State has to offer foreign investors.

The pioneering journey, undertaken with a mission to position Lagos as Africa’s premier financial centre, has undoubtedly left an indelible mark on the global stage.

The float design showcased the progress and dynamism of Lagos State, a thriving financial centre with over 25 million residents.

Featuring familiar icons integral to Lagosians’ daily lives, the design incorporated symbols of innovation and growth, including the recently launched Lagos Blue Line train.

Naira design patterns, elements of the Nigerian coat of arms, iconic Danfo and Keke Marwa vehicles, and the Eyo Masquerade collectively depict the city’s cultural richness and significant economic prowess.

The float was more than a celebration of Lagos’ resilience but a proclamation of its remarkable journey and achievements on the global stage.

The float also told the story of the fruitful and important partnership between EnterpriseNGR and Lagos State, emphasising the valuable outcomes that come from collaborations between public and private sector.

The vibrant parade featured executives of EnterpriseNGR and the Lagos State Government adorned in the colourful splendour of Aso-Oke as well as traditional Eyo dancers, a symbol of Lagos’ cultural heritage, who graced the procession, bringing to life the city’s deep-rooted traditions.

Our Heritage UK, a UK-based African cultural charity group, added to the rhythm, infusing the parade with the spirit of traditional music and dance.

Ms. Obi Ibekwe, the CEO and other executive members of EnterpriseNGR were on the float, sharing the exciting story of Lagos, EnterpriseNGR, and celebrating the growing global influence of African nations.

Mr. Babajide Sanwo-Olu, Governor of Lagos State, said;

“Our participation in the Lord Mayor’s Show was a resounding success. This visit had a more strategic purpose. It was a manifestation of our commitment to a bold vision—positioning Lagos as Africa’s beacon of financial innovation. The newly inaugurated LIFC Council played a pivotal role in showcasing the investment potential of Lagos on a global platform. As our procession made its way through the streets of London, we let it be known that Lagos State was not just participating in a historic parade; we were striding into the global spotlight, inviting the world to witness our dynamism and echoing the message that our great State is open for business, with a myriad of investment opportunities available to all.”

Mr. Aigboje Aig-Imoukhuede CON, Chairman of EnterpriseNGR, added:

“Our historic participation in the Lord Mayor’s Show underscored the critical role public-private partnerships play in driving transformative change within and beyond Nigeria’s Financial and Professional Services sector. Our successful joint participation is a testament to our unwavering commitment to fostering strategic partnerships that contribute to the economic prosperity of Lagos and Nigeria.” 

Ms. Obi Ibekwe, CEO of EnterpriseNGR, also commented:

“When we embarked on this historic project to showcase Lagos on the global stage, we recognised the profound significance of attracting the investments required to drive sustainable development and growth for the State. I am honoured to be at the forefront of the great strides being taken to foster the symbiotic relationship between investors, the State, and the wider communities required to deliver that growth.” 

The delegation, led by Mr. Babajide Sanwo-Olu, Governor of Lagos State, and Mr. Aigboje Aig-Imoukhuede CON, Chairman of EnterpriseNGR, will continue to showcase Lagos as a vibrant hub of economic opportunities, innovation, and growth in the week following The Lord Mayor’s Show with numerous bilateral meetings scheduled with government, investors and private sector players in the UK.

Building on the momentum of the Lord Mayor’s Show, the “InvestLagos” Reception gathered diplomats, UK and Nigerian business leaders, and influencers for an evening of celebration and collaboration.

This exclusive event continued the strategic mission to position Lagos as Africa’s premier financial centre.

The “InvestLagos” Reception offered a unique setting for fostering partnerships to boost the state’s economic prosperity.

Attendees engaged with key figures from Lagos State Government, EnterpriseNGR and key stakeholders in the UK Finance and Professional Services sector to solidify connections that will contribute to Lagos’ global influence.

The successful participation at the Lord Mayor’s Show marks a historic chapter in Lagos’ journey towards becoming a global financial hub. It also sets the stage for future collaborations and investments that will drive sustainable economic development in Lagos and Nigeria.

Sanwo-Olu Inaugurates Lagos International Financial Centre Council (LIFC Council)

In this groundbreaking collaboration, Lagos State and EnterpriseNGR aim to position Lagos as Africa’s premier financial centre, with the newly inaugurated Lagos International Financial Centre (LIFC) Council at the forefront of this transformative journey.

Coronation Group’s Platinum Sponsorship underscores its commitment to fostering economic growth, innovation, and global partnerships within the African financial landscape.

Mr. Babajide Sanwo-Olu, Governor of Lagos State and Chair of the LIFC Council, emphasised that the Lord Mayor’s Show is not merely a display of pageantry but a strategic opportunity to showcase Lagos on a global platform. Coronation Group’s support aligns with this vision, recognising the profound impact of such initiatives on Africa’s economic prominence.

Addressing the strategic intent behind the sponsorship, Wole Onasanya, MD/CEO of Coronation Group said, Coronation Group serves as a dynamic force for driving transformative change across Africa’s financial landscape. Through our Platinum Sponsorship, we actively demonstrate our unwavering dedication to catalysing sustainable development and nurturing strategic partnerships that significantly contribute to the economic prosperity of Lagos and Nigeria.

This pledge not only reinforces our shared vision for the future of Lagos State but also underscores the paramount significance of forging global partnerships to position Nigeria as Africa’s premier financial market.

As the Voice of Enterprise, EnterpriseNGR’s pivotal role in advocating for the growth of Nigeria’s Financial and Professional Services sector aligns seamlessly with Coronation Group’s mission.

The collaboration at the Lord Mayor’s Show signifies a shared dedication to showcasing Lagos as an open and thriving business destination.

The Lagos International Financial Centre (LIFC) Council, backed by Coronation Group’s Platinum Sponsorship, is poised to establish Africa’s premier International Financial Centre, promoting global best practices and competitiveness.

As Lagos, represented by the Governor, EnterpriseNGR and the LIFC Council, engages in strategic meetings in London in the coming weeks, Coronation Group remains steadfast in its support, echoing the resounding message: “Lagos is open for business. Come and invest in Africa’s economic powerhouse.”

The ground-breaking collaboration between Lagos State and EnterpriseNGR is built on their shared goal of positioning Lagos as Africa’s premier financial centre.

To actualize this vision, Lagos State has inaugurated Lagos International Financial Centre (LIFC) Council, in partnership with EnterpriseNGR – a member-led advocacy group that promotes the growth and development of Nigeria’s Financial and Professional Services (FPS) sector as a catalyst for economic development.

With the LIFC Council leading the charge, and in line with its strategic mandate, to not only attract global investors but also to ignite a wave of economic growth and innovation within the state, Lagos aims to captivate global investors, unveil its potential as an investment destination of choice, and pave the way for a transformative era of economic prosperity.

Addressing the press at the Lagos House, Ikeja Mr. Babajide Sanwo-Olu, Governor of Lagos State., who will Chair the Council emphasised that the key objective of this historic participation in the Lord Mayor’s Show is to showcase the investment potential of Lagos and to elevate the State as a global investment destination; ‘Lagos is not just going to London for the parade and pageantry; this visit has a more strategic purpose.

This is a prime opportunity to showcase Lagos on a global platform. The newly inaugurated LIFC Council signifies not just an institutional milestone, but a commitment to a bold vision—positioning Lagos as the beacon of financial innovation in Africa.

The Lord Mayor, Professor Michael Mainelli’s invitation stands as a resounding endorsement of Lagos State’s commitment to excellence, as well as recognition of its increasing economic prominence. This invitation aligns harmoniously with the council’s mission to establish Lagos as a global financial hub, attracting investments that will fuel sustainable economic development.

Lagos and Nigeria’s enduring history with the United Kingdom reflects a proud Commonwealth partnership since gaining independence in 1960. Nigeria remains dedicated to fostering diplomatic and economic ties, presenting abundant investment opportunities in sectors such as oil, finance, technology, agriculture, healthcare, and infrastructure. This resilient partnership, combined with Nigeria and Lagos’s commitment to growth, creates a promising landscape for UK investors eager to contribute to and benefit from the nation’s dynamic and expanding economy,’ he added.

EnterpriseNGR stands as the Voice of Enterprise. Fervently advocating for the growth and development of the Financial and Professional Services (FPS) sector, EnterpriseNGR plays a pivotal role in contributing to the nation’s economic growth.

Emphasising sustained growth across all FPS subsectors, the group advocates for an enabling and stable policy environment, with a specific focus on the transformative power of public-private partnerships.

As a strategic partner in the historic delegation to the Lord Mayor’s Show in London, EnterpriseNGR aligns its mission with the broader objectives of the LIFC Council, highlighting the indispensable role of such partnerships in driving sustainable development and investment.

Mr. Aigboje Aig-Imoukhuede, EnterpriseNGR’s Chairman, who joins the Governor as Co-Chair of the Council added;

“EnterpriseNGR stands as a catalyst for transformative change in Nigeria’s Financial and Professional Services sector. Our vision extends beyond advocacy; it’s a commitment to incentivise investments that go beyond financial gains.  As we embark on this historic delegation to showcase Lagos on the global stage, we recognise the profound significance of attracting investments. Investment isn’t merely a transaction; it’s a catalyst for job creation, driving sustainable development and fostering a symbiotic relationship between investors, the State, and the communities at large”.

Ms. Obi Ibekwe, CEO EnterpriseNGR commented,

“EnterpriseNGR’s participation in this historic delegation to the Lord Mayor’s Show underscores the critical role we play in driving transformative change within Nigeria’s Financial and Professional Services sector. We are not just advocating for growth; we are actively working to create a dynamic, interconnected and thriving FPS sector. The inauguration of the Lagos International Financial Centre (LIFC) Council is a testament to our unwavering commitment to fostering strategic partnerships that contribute to the economic prosperity of Lagos and Nigeria.”

The LIFC Council’s objective is clear – to align strategic partnerships that contribute to the economic prosperity of Lagos and Nigeria by establishing Africa’s premier International Financial Centre here in Lagos.

EnterpriseNGR’s membership of the World Alliance of International Financial Centres puts us in good stead to ensure global best practises and competitiveness of the Lagos International Financial Centre.

“Our participation at the Lord Mayor’s show is an extension of welcoming hands to not just the UK audience but to the world at large with a clear message that Lagos is Open for Business. This delegation is a testament to our unwavering dedication to the larger vision of a prosperous and interconnected ecosystem and a Greater Lagos.”

Lagos contributes more than 30% to Nigeria’s GDP, accounts for about 60% of the country’s energy demand, and is responsible for 90% of Nigeria’s foreign trade flow.

It generates over 50% of Nigeria’s port revenues, and a remarkable 70% of the state revenue is internally generated. It boasts of a dynamic business environment, as well as a vibrant hub for innovation and technology, with a burgeoning tech ecosystem that rivals global counterparts.

The State has achieved significant milestones in 2023, including the commencement of the Blue Line Rail, the establishment of the Ministry of Marine and Blue Economy, and the ground-breaking for the $100 million African Film City project in Epe.

Private sector investors have also thrived in the state with Lagos being home to four tech unicorns, leading Financial and Professional Services players, FMCG companies and the largest single train refinery in the world.

With attractions like tax holidays, access to a large market and gateway to other African markets, a burgeoning middle class, and a sound legal and regulatory framework that protects investments, Lagos provides a safe and secure business environment in a stable political setting.

The delegation promises to leave an indelible mark on the global stage, contributing a chapter to the evolving story of the Lord Mayor’s Show and fostering connections that transcend borders.

As Lagos embarks on this historic journey, the delegation expressed gratitude to all sponsors who have made this critical mission possible, Coronation Group, Access Corporation, Lotus Capital, and Wema Bank.

Their commitment reinforces the vision for Lagos State and emphasises the importance of global partnerships in shaping the future.

In the coming weeks, Lagos, represented by Mr. Babajide Sanwo-Olu, Governor of Lagos State. and the LIFC Council, will engage in strategic one-on-one and bilateral meetings with key UK-based businesses, investors, government officials, and Nigerians in the diaspora, all with one message: “Lagos is open for business. Come and invest in Africa’s economic powerhouse.”