By Olasunkanmi Akoni
Lagos State Government has expressed optimism that its partnership with EnterpriseNGR, under the platform of the Lagos International Financial Council, LIFC, would facilitate an increase in the contribution of the tech ecosystem to it’s Gross Domestic Product, GDP, from three per cent to 10 per cent through venture capitals in Lagos-based tech startups.
This was disclosed at a meeting between the State Government and international partners held on Wednesday at the State Ministry of Finance Conference Room, Ikeja.
LIFC is a financial hub created to integrate Lagos into global financial networks.
The initiative aims to create an enabling environment for seamless trading, attract foreign investments, and enhance the competitiveness of Nigeria’s financial markets.
The LIFC is envisioned as a hub that facilitates global financial activities while fostering local economic growth and innovation in Lagos State.
The state government had on Monday, March 24, 2025, at Lagos House, Marina, signed a Memorandum of Understanding, MoU, with TheCityUK and the Foreign Commonwealth and Development Office, FCDO, for the development of an International Financial Centre in Lagos, aimed to drive economic growth.
Governor Babajide Sanwo-Olu, Chairman LIFC, led the signing of the MoU ceremony, witnessed by Co-LIFC, Chairman of Access Holdings, Mr. Aigboje Aig-Imoukhuede; the Head, Eurasia, Middle East and Africa of TheCity UK, Chika Mourah; Charge d’Affaires, British Deputy High Commission Lagos, Mr. Simon Field; Secretary to the Lagos State Government, Mrs. Bimbola Salu-Hundeyin and Head of Service, Mr. Bode Agoro, among others.
Speaking during the ceremony, Sanwo-Olu, said his administration is truly committed to achieving the Lagos International Financial Centre and therefore sought everybody’s support to make the vision a reality.
Speaking at the occasion, Lagos State Commissioner for Budget and Economic Planning, Mr Ope George, stated, “The LIFC initiative, a collaborative effort between the Lagos State Government and EnterpriseNGR, seeks to position Lagos as Africa’s foremost international financial hub.
“This aligns with the Lagos State Development Plan (LSDP) 2022–2052, which envisions Lagos as a world-class financial services centre fostering economic growth and innovation on the continent.
“LSDP 2052 is a strategy developed to ensure that Lagos State becomes Africa’s Model Mega City, a global, economic, and financial hub that is safe, secure, functional and productive by 2052.
“LSDP aims to create sustainable economic growth through targeted investments and infrastructure with key pillars such as; economic diversification, infrastructure development, and enhancing public-private partnerships for growth.
“LIFC aligns seamlessly with the initiatives of the LSDP positioning as a world-class international financial center ranked as a leading hub in Africa with global standard
“LIFC would facilitate an increase in the tech ecosystem’s contribution to Lagos GDP from 3% to 10%, through venture capitals in Lagos-based tech startups.
“This presentation seeks to engage stakeholders and emphasize LIFC’s transformative impact on Lagos’ economy, aligning with broader goals of the Lagos State Development Plan 2052.”
George noted that the LIFC project achieved a major milestone in November with the successful convening of its first working group meeting in Lagos.
“This milestone event brought together key stakeholders from Nigeria’s Financial and Professional Services (FPS) sector, along with representatives from TheCityUK,” George stated.
Also speaking, Oluyomi said, “Financial hubs play a critical role in driving economic development by attracting investments, generating jobs, and enabling knowledge exchange to advance financial innovation.”
He said; “The Lagos State Government remains committed to ensuring the successful realization of LIFC’s objectives and its overarching goal of unlocking significant economic opportunities for Nigeria and the African continent.
“As a dedicated working group, it is imperative for us to determine the most suitable operational model for the LIFC, establish its unique value propositions, and identify potential areas of opportunity while thoroughly evaluating the risks associated with setting up an international financial centre in Lagos.”
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