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 directive, issued under the Investigatory Powers Act 2016, compels Apple to provide blanket access rather than assistance in specific cases.

According to sources cited by The Washington Post, the order was issued last month and demands a technical “backdoor” to Apple’s encrypted storage. This has led to talks about user privacy and data security, as Apple has long maintained that it does not have access to user data encrypted with its Advanced Data Protection feature.

Apple’s Advanced Data Protection, introduced in 2022, extends end-to-end encryption to a wider range of iCloud data, including photos, messages, and backups. This ensures that only the user has access, making it impossible for Apple—or any government—to retrieve the information.

The UK government’s demand contradicts Apple’s long-standing position against weakening encryption. In the past, Apple has resisted similar pressure, notably in 2016 when it refused a U.S. government request to unlock an iPhone linked to a mass shooting in San Bernardino.

Apple has not publicly responded to the UK order, and the Home Office has declined to confirm or deny the existence of such a directive. A spokesperson for the Home Office stated, “We do not comment on operational matters, including, for example, confirming or denying the existence of any such notices.”

If Apple refuses to comply, it may withdraw Advanced Data Protection from the UK market entirely, similar to its stance in previous cases involving government surveillance demands. However, this would not satisfy UK officials, as they are reportedly seeking access to encrypted data from users worldwide.

Other platforms, including WhatsApp and Signal, have also resisted government attempts to sabotage encryption, arguing that such measures compromise security for all users.

The UK support will also enable NPC to conduct a higher number of verification checks for UK Visas and Immigration which will assist in combatting the trafficking of children and visa abuse.

The donation, which includes high-quality laptops, scanners, and internet connectivity devices, is to be distributed across 17 NPC state offices that conduct the highest number of checks for the British High Commission and is part of a broader commitment by the UK Government to support Nigeria’s efforts in improving civil registration and vital statistics systems.

Speaking at the handover ceremony in Abuja, the Acting British High Commissioner, Mrs Gill Lever said,

“This is the second donation of equipment, and we are grateful for the successful trial period where since October 2023, NPC has conducted over 130 verification checks of Birth and Death Certificate checks in collaboration with the UK Visas and Immigration Verification officers based here at the British High Commission, Abuja. 

“Of these checks, one in three cases were identified as counterfeit which helped support UK Visa decision making and allowed the remaining genuine cases to be processed in a timely manner for the Nigerian visa applicants.”

Nasir Isa Kwarra, chairman of the National Population Council, said,

“The UK’s commitment to seamless document verification and digitization aligns perfectly with our vision of a comprehensive, universal electronic civil registration systems – one that transcends borders, empowers citizens, and fuels economic planning and good governance.

“Together, we aspire to weave a tapestry of interconnected data, where every birth, stillbirth and death is meticulously recorded – a testament to our shared commitment to accuracy, transparency, and progress.”

The handover ceremony included senior officials from the NPC, and other stakeholders.