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 UK has signed an Enhanced Trade and Investment Partnership (ETIP) with Nigeria to boost trade and investment between the two countries and unlock new opportunities for UK and Nigerian businesses.

Kemi Badenoch, secretary of State, signed the ETIP alongside her Nigerian counterpart Nigerian Trade Minister Doris Nkiruka Uzoka-Anite today in Abuja.

The Enhanced Trade and Investment Partnership (ETIP) is the first the UK has signed with an African country and is designed to grow the UK and Nigeria’s already thriving trading relationship, which totalled £7 billion in the year to September 2023.

This arrangement will pave the way for opportunities in sectors crucial to both economies such as finance and legal services as well as foster new collaborations in innovative areas like the creatives industry.

The visit by the Secretary of State comes a week ahead of a UK Government-led fashion and beauty trade delegation to Nigeria.

The ETIP also initiates further collaboration on the UK’s ambitious Developing Countries Trading Scheme (DCTS), launched last year which puts in place simpler and more generous trading terms for Nigeria and 36 other African countries.

Nigeria is a major beneficiary of changes introduced by the DCTS and will see tariff reductions on over 3000 products (SEE LIST OF PRODUCTS HERE), meaning that 99% of existing Nigerian exports to the UK by value will be duty free.

Tariffs have been removed on Nigerian goods which promote value addition in important non-oil export sectors such as cocoa butter and paste, sesame oil and clothing and apparel.

These changes will boost trade with the UK and support the Federal Government of Nigeria’s wider trade policy priorities.

Business and Trade Secretary Kemi Badenoch said:

“The UK and Nigeria are vital partners, with longstanding historical and economic ties.

“UK businesses are already seeing huge success in Nigeria – one of the fastest growing economies in the world.

“I’m delighted to be here to sign our new enhanced partnership which will allow UK firms to export their world-class goods and services more easily and expand their footprint in Nigeria.”

Doris Nkiruka Uzoka-Anite, Nigerian Minister for Trade said:

“The UK is one of our long-standing strategic partners with whom we share strong ties, and it gladdens me that this relationship is set to deepen as we sign the Enhanced Trade and Investment Partnership.

“This partnership will see Nigeria-UK relations move beyond one of shared history and strong ties to one of shared economic prosperity. From increasing market access and supporting our vibrant businesses, to creating more jobs and accelerate greater investments in sectors of mutual interests.”

The ETIP will help to build on the significant progress already made in resolving market access barriers in the education and financial sectors, which have led to a more favourable trading environment for UK and Nigerian businesses.

In addition, through this partnership, there is an opportunity to leverage UK and international investment from the City of London, which is home to the top financial and professional services.

Nicola Watkinson, TheCityUK International Managing Director said:

“Nigeria is an important growth market for the UK-based financial and related professional services industry and TheCityUK welcomes the signing of the new ETIP. 

“We look forward to continuing our engagement through the working groups to increase market access and remove regulatory frictions.”

During the visit, Minister Badenoch will also hold a groundbreaking ceremony at Abuja’s first industrial park built by UK-Turkish construction firm Zeberced Ltd to open its support services areas at the site.

The UK government has been supporting the firm in a number of areas. The $144m industrial park is set to create 620 direct jobs and 1,650 indirect jobs and provide a base for major firms to access central and northern Nigeria.

The UK trade minister will in addition, witness the signing of a landmark energy agreement between UK based energy firm Konexa and Nigerian power generation company North South Power (NSP).

The agreement will enable Konexa to supply Nigerian Breweries PLC with 100% renewable power, promote sustainable development and clean energy adoption, and lead to infrastructure investments of over £14 million.

Pradeep Pursnani, Konexa CEO said:

“This is a very important milestone for Konexa, North South Power, Nigerian Breweries, and all our investment partners. Over the last few years, Konexa has been working on a disruptive model that matches customer energy demand with renewable energy supply. 

“We are looking forward to investing more than £120m in renewable energy generation, transmission, distribution, and battery storage solutions to help our customers transition away from the use of fossil fuel.”