FG Backs Lagos Financial Centre, Sets Q1 2027 Soft Launch

The Federal Government has backed the establishment of the Lagos International Financial Centre (LIFC), with stakeholders targeting a soft launch of the initiative in the first quarter of 2027.

The development was disclosed in a statement issued following the inaugural meeting of the LIFC National Steering Committee in Abuja on Wednesday, September 2, 2026, where the Federal Government, Lagos State Government and the private sector, represented by EnterpriseNGR, strengthened the implementation framework for the proposed financial centre.

Secretary to the Government of the Federation, Senator George Akume, who inaugurated the committee, said President Bola Ahmed Tinubu had endorsed the LIFC as a strategic national economic priority and directed his office to coordinate Federal Government support for the initiative.

Akume said the LIFC presented an opportunity to leverage Lagos’ strategic position and Nigeria’s economic potential to establish a financial centre of international standing.

He noted that the composition of the committee, which brings together key Federal Government institutions, Lagos State and the private sector, reflected the level of coordination required to address the policy, legal, regulatory, institutional and infrastructure requirements for a globally competitive financial centre.

The committee includes Federal institutions responsible for finance, justice, foreign affairs, immigration, trade and investment, communications and taxation, as well as the Central Bank of Nigeria and the Securities and Exchange Commission.

The Federal Government’s involvement is expected to provide the national policy and institutional framework needed to address legal, fiscal, regulatory, immigration, investment promotion and digital infrastructure requirements critical to the centre’s establishment.

Speaking at the meeting, Lagos State Governor and Chairman of the LIFC Council, Babajide Olusola Sanwo-Olu, described the proposed centre as “strategic national infrastructure”, stressing that it should not be viewed merely as a Lagos project.

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Sanwo-Olu said the initiative was designed as a deliberate instrument of Nigeria’s long-term economic strategy, with the ambition of establishing Africa’s premier international financial centre and a trusted gateway through which global capital can access opportunities across Nigeria and the continent.

He said international financial centres were deliberately created to mobilise long-term capital, deepen financial markets, establish trusted jurisdictions and connect domestic economies with global investment.

“The ambition for Lagos is consequently much larger than attracting businesses into a geographical location,” Sanwo-Olu said.

“It is to establish Africa’s premier International Financial Centre, a trusted gateway through which global capital can access opportunities in Nigeria and across the African continent.”

The governor stressed that the credibility of the operating environment would be central to the success of the initiative, with institutional trust, regulatory quality, legal certainty and international connectivity forming key pillars of the centre.

He also made clear that the LIFC would not operate as a tax haven or provide a platform for regulatory arbitrage or illicit financial activities.

Rather, he said its competitiveness would depend on predictability, transparency and the quality of institutions available to international investors.

Sanwo-Olu noted that Lagos, as Nigeria’s principal commercial and financial hub, already possesses the market depth and ecosystem required to anchor an international financial centre, given its concentration of banking, capital markets, insurance, fintech, professional services and investment activities.

He said the Lagos State Government would continue to lead critical aspects of the initiative, including planning, infrastructure development and the state-specific legislative and institutional framework required to support the centre.

However, he stressed that the benefits of the LIFC must extend beyond Lagos and support Nigeria’s broader economic ambitions.

The governor said the centre should become an enduring national institution capable of supporting successive administrations and strengthening Nigeria’s ability to compete for global capital over the long term.

He linked the initiative to the Federal Government’s ambition of building a $1 trillion economy by 2030, saying such an economy would require deeper pools of capital, stronger financial intermediation, greater investor confidence and institutions capable of connecting Nigerian opportunities with global finance.

Chairman of EnterpriseNGR and Co-Chairman of the LIFC Council, Mr Aigboje Aig-Imoukhuede, described the partnership between the Federal Government, Lagos State and the private sector as an example of what could be achieved when institutions align around a common economic objective.

“I believe this will become a case study that will be written about in history as an example of how Nigeria can truly work. Nigeria is powerful, and Nigeria needs capital,” Aig-Imoukhuede said.

He said the success of the centre would ultimately depend on Nigeria’s ability to create an environment where investors feel secure and confident that their capital can grow.

“Capital is perhaps the most discerning visitor that I know,” he said. “Capital goes where it feels safe. It goes where it believes it can grow. It goes where it feels comfortable.”

EnterpriseNGR has been involved in the development of the LIFC from its early stages, bringing together perspectives from the financial and professional services sector, including banking, insurance, capital markets, asset management and professional services.

Preparatory work on the initiative has included the development of a strategic blueprint, legal and regulatory gap assessments, a business plan, institutional operating model and implementation economics.

Specialist workstreams are also addressing legal and regulatory reforms, institutional capacity and the international positioning of the centre, with KPMG supporting the Project Office and TheCityUK providing international technical support funded by the UK Government.

Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, pledged Federal Government support in creating the legal certainty required to strengthen investor confidence.

Fagbemi said relevant Federal and sub-national laws that may require amendment, enhancement or repeal would need to be identified as part of the process.

Executive Chairman of the Nigeria Revenue Service, Dr Zacch Adedeji, urged stakeholders to move quickly from planning to implementation, stressing that the model adopted must reflect Nigeria’s constitutional, legal and economic realities.

Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, described the LIFC as a catalytic initiative capable of supporting Nigeria’s drive towards a $1 trillion economy.

The Ministry of Foreign Affairs also pledged to support the initiative through Nigeria’s diplomatic network, international advocacy, investment diplomacy and strategic partnerships.

With the Federal Government providing national policy and institutional backing, Lagos State leading the development of the centre as host jurisdiction and EnterpriseNGR representing the private sector, stakeholders said the initiative was now moving from design towards implementation.

Aig-Imoukhuede said the project was approaching its final development phase, with stakeholders working towards a soft launch in the first quarter of 2027.