Lagos Governor Sanwo-Olu launches financial centre council with global ambitions

Lagos State Governor, Babajide Sanwo-Olu, took a significant step on Friday by signing Executive Order 3 to establish the Lagos International Financial Centre (LIFC) council, signifying the state’s ambition to position itself as Africa’s premier financial hub.

The council’s primary purpose is to forge strategic partnerships that will contribute to the economic growth of Lagos State and Nigeria as a whole. In this endeavor, Lagos State has partnered with EnterpriseNGR, an advocacy group that champions the growth and development of Nigeria’s Financial and Professional Services sector as a driver of economic progress.

This partnership is also making history, as Lagos State and EnterpriseNGR have been invited to participate in the prestigious Lord Mayor’s Show 805th procession in London, marking the first-ever appearance by an African state and organization.

Governor Sanwo-Olu, who will serve as the council’s chairman, emphasized that their participation in the Lord Mayor’s Show is not just a display of pageantry but a strategic opportunity to showcase Lagos State’s investment potential and elevate it as a global investment destination.

Furthermore, the establishment of the LIFC council aligns with the economic recovery plans of the Federal Government, with the aim of creating Africa’s premier International Financial Centre in Lagos.

Sanwo-Olu expressed the significance of this moment, stating, “The newly-inaugurated council signifies not just an institutional milestone but a commitment to a bold vision positioning Lagos as the beacon of financial innovation in Africa. The Lord Mayor, Prof. Michael Mainelli’s invitation stands as a resounding endorsement of Lagos State’s commitment to excellence, as well as recognition of its increasing economic prominence. This invitation aligns harmoniously with the council’s mission to establish Lagos as a global financial hub, attracting investments that will fuel sustainable economic development.”

The partnership between Lagos State, Nigeria, and the United Kingdom reflects a long-standing Commonwealth alliance since Nigeria’s independence in 1960. This enduring relationship continues to present abundant investment opportunities in sectors such as oil, finance, technology, agriculture, healthcare, and infrastructure.

EnterpriseNGR’s Chairman, Mr. Aigboje Aig-Imoukhuede, who also co-chairs the council, emphasized that their vision extends beyond advocacy and aims to incentivize investments that drive job creation, sustainable development, and mutually beneficial relationships between investors, the state, and communities.

Meanwhile, the Chief Executive Officer of EnterpriseNGR, Ms. Obi Ibekwe, highlighted their crucial role in bringing transformative change to Nigeria’s Financial and Professional Services sector. She stated, “We are not just advocating for growth; we are actively working to create a dynamic, interconnected, and thriving FPS sector. The inauguration of the LIFC council is a testament to our unwavering commitment to fostering strategic partnerships that contribute to the economic prosperity of Lagos and Nigeria.”

The establishment of the LIFC council marks a significant step in Lagos State’s mission to become a global financial powerhouse, attracting investments, fostering economic growth, and contributing to the region’s overall prosperity.

Credit: NAN