The Federal Government has formally backed the establishment of the Lagos International Financial Centre, LIFC, with stakeholders targeting a soft launch in the first quarter of 2027.
The development followed the inaugural meeting of the LIFC National Steering Committee held in Abuja on Wednesday, September 2, 2026.
The committee brings together key Federal Government institutions, the Lagos State Government and the private sector, represented by EnterpriseNGR, to move the initiative from strategic planning to implementation.
The Federal Government’s support was conveyed at the meeting, where it affirmed President Bola Ahmed Tinubu’s endorsement of the LIFC as a strategic national economic priority.
The Office of the Secretary to the Government of the Federation will coordinate Federal Government support for the initiative, including efforts to address the legal, fiscal, regulatory, immigration, investment promotion and digital infrastructure requirements needed to establish the Centre.
FG assumes implementation role
Secretary to the Government of the Federation, Senator George Akume, who inaugurated the National Steering Committee, said the LIFC presented an opportunity to leverage Lagos’ commercial importance and Nigeria’s economic potential to create a financial centre of international standing.
He said the composition of the committee reflected the level of coordination required to resolve the policy, legal, regulatory, institutional and infrastructure challenges associated with developing a globally competitive financial centre.
The committee includes representatives of institutions responsible for finance, justice, foreign affairs, immigration, trade and investment, communications and taxation.
The Central Bank of Nigeria and the Securities and Exchange Commission are also part of the implementation architecture.
The Federal Government’s involvement is expected to strengthen coordination across institutions and provide the legal and policy framework required to improve regulatory clarity, investor confidence and institutional certainty.
Lagos remains host jurisdiction
The LIFC was initiated by the Lagos State Government in partnership with EnterpriseNGR and has undergone extensive consultations with government agencies, regulators, private-sector leaders and international partners over the past two years.
Speaking at the meeting, Lagos State Governor Babajide Olusola Sanwo-Olu, who is also Chairman of the LIFC Council, described the Centre as “strategic national infrastructure.”
The governor stressed that the initiative should not be viewed merely as a Lagos project but as an instrument of Nigeria’s long-term economic strategy.
According to him, international financial centres are deliberately developed to mobilise long-term capital, deepen financial markets, build trusted jurisdictions and connect domestic economies with global investment.
He said the ambition for Lagos was to establish Africa’s premier international financial centre and create a trusted gateway through which global capital could access opportunities in Nigeria and across the African continent.
Sanwo-Olu noted that the Centre’s competitiveness would depend on institutional trust, regulatory quality, legal certainty and international connectivity.
He also clarified that the LIFC would not operate as a tax haven or provide a platform for regulatory arbitrage and illicit financial activity.
Rather, the Centre would be built around predictability, transparency and the quality of institutions expected by international investors.
Centre designed to attract global capital
Lagos is expected to serve as the host jurisdiction because of its position as Nigeria’s principal commercial and financial hub.
The state has a substantial concentration of banking, capital markets, insurance, fintech, professional services and investment activities.
These existing capabilities provide the market depth and business ecosystem required to support an international financial centre.
The Lagos State Government will continue to lead critical aspects of the project, including planning, infrastructure development and the state-level legislative and institutional framework needed to support the Centre.
However, the governor said the benefits of the LIFC must extend beyond Lagos and support Nigeria’s wider economic development.
The initiative is being positioned as a long-term national institution capable of strengthening Nigeria’s ability to compete for global capital across successive administrations.
Its development also aligns with the Federal Government’s ambition to build a US$1 trillion economy by 2030.
Achieving that target would require deeper pools of capital, stronger financial intermediation, increased investor confidence and institutions capable of connecting Nigerian businesses and opportunities with international finance.
EnterpriseNGR drives private-sector participation
EnterpriseNGR has played a central role in the development of the LIFC by bringing together perspectives from Nigeria’s financial and professional services industry.
Its membership and stakeholders include businesses operating in banking, insurance, capital markets, asset management and professional services.
The organisation has helped channel private-sector input into the Centre’s strategic and institutional design.
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 shared national objective.
He said Nigeria needed to create an environment where capital could feel secure, identify opportunities for growth and operate with confidence.
“Capital is perhaps the most discerning visitor that I know,” Aig-Imoukhuede said. “Capital goes where it feels safe. It goes where it believes it can grow. It goes where it feels comfortable.”
He said the project was approaching its final development phase, with stakeholders working towards a soft launch in the first quarter of 2027.
Preparatory work already underway
The promoters of the LIFC have completed several preparatory activities, including the development of a strategic blueprint, legal and regulatory gap assessments and work on the business plan.
Other areas of preparation include the Centre’s institutional operating model and implementation economics.
Specialist workstreams are also examining legal and regulatory reforms, institutional capability and the international positioning of the Centre.
KPMG is supporting the LIFC Project Office, while TheCityUK is providing international technical support funded by the United Kingdom Government.
The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, pledged Federal Government support in creating the legal certainty required to strengthen investor confidence.
He said the process would include identifying Federal and sub-national laws that might require amendment, enhancement or repeal.
The Executive Chairman of the Nigeria Revenue Service, Zacch Adedeji, urged stakeholders to move quickly from planning to implementation.
He stressed that the Centre’s model must reflect Nigeria’s constitutional, legal and economic realities rather than simply replicate structures developed in other jurisdictions.
Minister of Industry, Trade and Investment, Jumoke Oduwole, described the initiative as a catalytic project capable of supporting Nigeria’s ambition of building a US$1 trillion economy.
The Ministry of Foreign Affairs also committed to supporting the Centre through Nigeria’s diplomatic network, investment diplomacy, international advocacy and strategic partnerships.
Expected impact on the wider economy
EnterpriseNGR said the LIFC was being developed not only to attract international financial institutions but also to ensure that global capital reaches productive sectors of the Nigerian economy.
Capital entering Nigeria through Lagos could support infrastructure, technology, agriculture, manufacturing and other businesses across the country.
A successful Centre is expected to contribute to higher-value employment, deeper capital markets, stronger professional services, an expanded tax base and increased participation by Nigerian enterprises in regional and international markets.
The initiative comes at a time when financial centres across Africa and other emerging markets are competing for capital, talent, businesses, transactions and financial expertise.
Stakeholders believe Lagos has the commercial scale and financial ecosystem to compete with established centres such as Dubai, Abu Dhabi, Hong Kong, Mauritius, Casablanca and Kigali.
The National Steering Committee is therefore expected to play a critical role in converting the LIFC’s strategic vision into an institution that investors trust and businesses use.
With Federal Government backing, Lagos State providing jurisdictional leadership and EnterpriseNGR maintaining private-sector participation, the initiative is moving closer to its stated ambition of positioning Lagos as a leading international financial centre and a trusted gateway between global capital and African opportunity.
