The implementation of the Lagos International Financial Centre (LIFC) has received a fresh boost following the inauguration of a National Steering Committee by the Federal Government.
The development was announced after an inaugural meeting held in Abuja with the Secretary to the Government of the Federation, George Akume, who is coordinating relevant government ministries, departments and agencies involved in the initiative.
The committee is expected to establish an effective inter-agency coordination framework that will support the implementation of the financial centre and ensure collaboration among government institutions and other stakeholders.
The Lagos International Financial Centre is a flagship initiative of the Lagos State Government and EnterpriseNGR, with strong backing from the Federal Government.
The project is designed to strengthen Lagos’ position as Africa’s financial capital and develop the city into a globally competitive destination for green and sustainable finance, financial technology and innovation, commodities, and capital markets.
The initiative formally took shape in November 2023 when an executive order was issued for the establishment of the LIFC. The order also created the LIFC Council as the project’s principal governance body.
The initiative has now entered the third phase of its implementation plan, with the newly inaugurated Federal Government committee expected to work closely with Lagos State and other stakeholders to drive the project towards full realisation.
The LIFC is expected to play a significant role in deepening Nigeria’s financial ecosystem while enhancing Lagos’ position as an international centre for investment, finance and innovation.
