FG ENDORSES LAGOS INTERNATIONAL FINANCIAL CENTRE, TARGETS 2027 SOFT LAUNCH

The Federal Government has endorsed the establishment of the Lagos International Financial Centre, with stakeholders targeting a soft launch in the first quarter of 2027. The initiative gained fresh momentum following the inaugural meeting of the LIFC National Steering Committee in Abuja, where the Federal Government, Lagos State Government and private sector representatives discussed the framework for turning the project into a globally competitive financial hub.

Secretary to the Government of the Federation, Senator George Akume, who inaugurated the committee, said President Bola Ahmed Tinubu had approved the project as a strategic national economic priority. He added that the President had directed his office to coordinate Federal Government support, noting that Lagos’ strategic location and Nigeria’s economic potential could be leveraged to create a financial centre capable of attracting international capital and investment.

The steering committee brings together representatives from key government institutions responsible for finance, justice, foreign affairs, immigration, trade and investment, communications and taxation, alongside the Central Bank of Nigeria and the Securities and Exchange Commission. Their involvement is expected to help address the legal, regulatory, fiscal, institutional, immigration and digital infrastructure requirements needed to establish the centre.

Lagos State Governor and Chairman of the LIFC Council, Babajide Sanwo-Olu, described the project as strategic national infrastructure rather than an initiative meant solely for Lagos. He said the centre was intended to serve as a trusted gateway for global capital into Nigeria and other African markets, while stressing that regulatory quality, legal certainty, institutional trust and international connectivity would be critical to its success.

The planned financial centre is expected to form part of Nigeria’s broader strategy to strengthen its financial sector, attract foreign investment and position the country as a major destination for international capital. With the Federal Government now providing stronger institutional backing, stakeholders are working towards the proposed first-quarter 2027 soft launch of the Lagos International Financial Centre.