The Secretary to the Government of the Federation (SGF), Senator George Akume, yesterday charged stakeholders driving the Lagos International Financial Centre (LIFC) to work collectively and with urgency to build a globally competitive financial ecosystem capable of attracting capital into Nigeria.
Akume spoke in Abuja while inaugurating the National Steering Committee for the LIFC Initiative, which the Federal Government says will deepen Nigeria’s capital markets, attract domestic and foreign investment, promote financial innovation and strengthen the financial system for sustainable economic growth.
The SGF said President Bola Tinubu had endorsed the LIFC as a strategic national economic priority and directed his office to coordinate Federal Government support for its implementation.
‘The establishment of the LIFC presents an opportunity to leverage Lagos’ strategic position and Nigeria’s economic potential to create a financial centre of international standing,’ Akume said.
He said the composition of the committee, drawing membership from key Federal Government institutions, the Lagos government and the private sector, reflected the level of collaboration required to tackle the policy, legal, regulatory, institutional and infrastructure issues critical to the initiative.
Akume urged members to approach the assignment with commitment and urgency, stressing that the success of the financial centre would depend on a strong whole-of-government approach and effective partnership among the Federal Government, Lagos State and the private sector.
He assured the committee of the support of the Office of the Secretary to the Government of the Federation in the discharge of its mandate.
The committee is chaired by Akume, with Lagos State Governor Babajide Sanwo-Olu as co-chairman, while the Permanent Secretary, General Services Office in the OSGF, Dr Ibrahim Kana, serves as Shadow Chair.
Lagos State Commissioner for Finance, Abayomi Oluyomi, is the Shadow Co-Chair.
Other members include the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele; Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, SAN; Minister of Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu; Minister of Interior, Dr Olubunmi Tunji-Ojo; Minister of Industry, Trade and Investment, Dr Jumoke Oduwole; and Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani.
Also on the committee are the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso; Director-General of the Securities and Exchange Commission (SEC), Dr Emomotimi Agama; Executive Chairman of the Nigeria Revenue Service (NRS), Dr Zacch Adedeji; and Chairman of EnterpriseNGR, Aigboje Aig-Imoukhuede.
Speaking on the occasion, Sanwo-Olu described the proposed financial centre as ‘strategic national infrastructure’ saying the initiative should not be viewed merely as a Lagos project but as a deliberate national economic strategy capable of surviving successive administrations.
The governor, who noted that he would leave office on May 29, 2027, said the enduring legacy of leadership should be measured partly by the institutions, policies and programmes left behind.
‘I have less than 265 days to go as governor. No matter how good I may be, or how many people call me their Governor, on May 29, 2027, I will take a bow. I do not intend to stay one day longer.
‘But the pride of any leader is to leave behind institutions that will outlive them-to leave policies, projects and programmes that will give direction long after they have left office. Today is one of those days,’ Sanwo-Olu said.
Sanwo-Olu said the LIFC was neither his personal project nor one exclusively belonging to Lagos State or the private sector, but a national initiative involving the Federal Government, Lagos State, EnterpriseNGR and international partners.
He commended President Tinubu for endorsing the project and issuing the directive that elevated it to a national strategic programme.
According to him, international financial centres are deliberately established by countries as instruments of economic strategy to mobilise long-term capital, deepen financial markets, create trusted jurisdictions and connect domestic economies with global capital.
‘The Lagos International Financial Centre is strategic national infrastructure. Let me repeat that: an International Financial Centre is strategic national infrastructure.
‘International Financial Centres around the world are deliberate instruments of national economic strategy. They are not merely regional or state initiatives; they are national strategies,’ he said.
Sanwo-Olu said the LIFC would be anchored on institutional trust, regulatory quality, legal certainty and international connectivity, arguing that investors must be able to predict outcomes and have confidence in the regulatory and legal environment.
He said the ambition was to establish ‘Africa’s premier International Financial Centre-a trusted gateway through which global capital can access Nigeria and, indeed, the wider African continent’.
Citing financial centres in Dubai, Hong Kong, Kigali, Casablanca, Mauritius and Abu Dhabi, the governor said their emergence as global investment destinations resulted from deliberate policies to attract capital, talent and businesses.
He linked the urgency behind the LIFC to the Tinubu administration’s target of building a $1 trillion Nigerian economy by 2030.
‘You do not set such a target and simply go to sleep. There must be intentionality.
‘You must run a marathon with the urgency and discipline of a sprinter. Not many countries can achieve a $1 trillion GDP. It is a tall order. But it is achievable,’ Sanwo-Olu said.
The governor, however, stressed that the proposed centre would neither operate as a tax haven nor provide refuge for illicit funds or avenues for regulatory arbitrage.
‘It is not a tax haven. It is not a place for regulatory arbitrage or bypassing compliance requirements. It is not a safe haven for illicit funds. Rather, it is a trusted platform through which nations compete for capital,’ he said.
Sanwo-Olu identified coordinated regulation, an enforceable legal framework, accountable investor services, and talent and market depth as critical foundations for the centre.
He warned against regulatory institutions working at cross-purposes, saying there must be coordinated oversight and certainty that rules would apply equally to all investors and operators.
Meanwhile Aig-Imoukhuede, disclosed that promoters of the initiative were targeting a soft launch of the financial centre in the first quarter of 2027.
Aig-Imoukhuede said groundwork on the project began about two years ago through fact-finding and consensus-building involving technocrats, senior government officials, private-sector leaders and international partners.
He described the collaboration between the Federal Government, Lagos State and the private sector as an example of what Nigeria could achieve through coordinated action.
‘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,’ he said.
According to him, countries compete intensely for capital because of its mobility and tendency to gravitate towards jurisdictions offering safety, predictability and opportunities for growth.
‘Capital is perhaps the most discerning visitor that I know. Capital goes where it feels safe. It goes where it believes it can grow. It goes where it feels comfortable. Most importantly, capital is perhaps the most mobile resource in the world,’ he said.
Aig-Imoukhuede said substantial preparatory work had already been completed, including a strategic blueprint, while KPMG had been engaged to develop a detailed business plan, institutional operating model and implementation economics.
He said federal and state legislative instruments were being drafted, while a legal and regulatory gap review had also been undertaken.
The EnterpriseNGR chairman stressed that although the centre would be located in Lagos, its economic benefits were expected to spread nationwide.
‘This is a national assignment. The benefits of this project will go far beyond Lagos. Pools of capital may enter Nigeria through Lagos, but I do not see them remaining only in Lagos.
‘I see capital coming in through Lagos and flowing into projects across the country and across multiple sectors-including technology, agriculture and many other areas of the economy,’ he said.
He said the centre would create high-value jobs, strengthen the formal economy, expand the tax base and contribute to national income and economic growth.
Aig-Imoukhuede identified legal and regulatory certainty, regulatory quality, institutional responsiveness, commercial depth and institutional durability as five factors that would determine the centre’s credibility internationally.
He said the project was now approaching its third and final phase ahead of the proposed launch.
‘Our desire is to have the launch in the first quarter of 2027. What we are planning is what is described as a soft launch’, he said.
Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, said the Federal Government would ensure that the initiative had the legal certainty required to inspire investor confidence.
Fagbemi particularly welcomed Sanwo-Olu’s assurance that the LIFC would not become a safe haven for illicit financial flows, saying the message must be clearly communicated internationally.
‘When an investor is considering where to invest, one of the first things they ask about is the legal regime.
‘Beyond every other consideration, investors want to know the nature and certainty of the laws governing their investments. That gives them confidence and assurance,’ he said.
The AGF pledged that the Justice Ministry would work with federal and sub-national authorities to identify laws requiring amendment, enhancement or repeal to accommodate the initiative.
He said Nigeria’s federal structure meant that the constitutional powers of states to make laws would have to be carefully accommodated in designing the LIFC framework.
Fagbemi also urged the committee to strengthen public communication around the initiative to prevent misunderstanding of its objectives locally and internationally.
On the choice of Lagos as host, he said: ‘The truth must be told: where else would it have been? There are moments when we simply have to be self-critical and honest with ourselves’.
He described the $1 trillion economy target as ambitious but achievable, urging stakeholders to accelerate work now that the implementation process had begun.
Adedeji urged the committee to quickly move beyond steering the project into actual implementation.
‘Rather than simply calling this a Steering Committee, we should quickly move towards establishing an Implementation Committee. We need to begin thinking from execution backwards. We must ask ourselves practical questions about what exactly we are trying to build,’ Adedeji said.
He said fundamental decisions would have to be made on whether the LIFC would operate as a designated physical jurisdiction, a digital ecosystem or a combination of both.
Adedeji cautioned against simply transplanting international financial centre models into Nigeria without accounting for the country’s peculiar constitutional, legal and tax systems.
‘That kind of isomorphic mimicry-simply copying a model and ticking boxes-will not work for us. Nigeria has its own peculiar legal and constitutional structure,’ he said.
He argued that legal certainty should ultimately be entrenched in an Act of Parliament and supported by the constitutional framework.
Adedeji urged stakeholders to implement components of the initiative progressively rather than waiting for the entire framework to be completed.
‘We must ensure that this does not remain merely a presentation or a beautifully packaged proposal,’ he said.
Dr Oduwole, described the LIFC as a ‘catalytic project’ that could significantly accelerate Nigeria’s journey towards a $1 trillion economy.
‘Indeed, the $1 trillion economy target for 2030, as set by Mr President under the Renewed Hope Agenda, could potentially be achieved even before then with interventions such as this,’ she said.
Dr Oduwole said creating an enabling and predictable environment would boost investor confidence and encourage global capital to be domiciled in Nigeria, with Lagos serving as a major entry point.
She acknowledged that implementation could require separate processes, legislation and regulations from those applicable elsewhere in the country and urged participating institutions to approach the technical phase with an open mind.
The minister also disclosed that President Tinubu had approved a Steering Committee for the establishment of a Digital Free Zone, expected to be the first of its kind in Africa.
She said discussions were already under way to ensure alignment between the Digital Free Zone and the LIFC, particularly in areas where both initiatives could complement each other.
The Ministry of Foreign Affairs also pledged to deploy Nigeria’s diplomatic network in support of the financial centre through international advocacy, investment diplomacy and strategic partnerships with established international financial centres.
A representative of the ministry said Nigerian missions abroad would engage governments, international organisations, investors and other stakeholders to promote the initiative.
The official said the LIFC provided a concrete platform through which the country’s economic diplomacy could be translated into investment flows and was consistent with President Tinubu’s foreign policy agenda.
Oluyomi had earlier told the gathering that international financial centres were deliberate instruments of national economic strategy built to mobilise long-term capital, deepen markets and connect domestic opportunities with global finance.
He said the LIFC could become the trusted platform through which Nigeria competes for international capital and through which global investors access opportunities across Africa.
Members of the committee’s secretariat are the Director of Legal Services in the OSGF, Mrs Kamilatu M. Kida, and Chief Executive Officer of EnterpriseNGR, Ms Obi Obiekwe.