The Lagos State Government has unveiled plans to establish the first International Financial Centre in the West African region, positioning the state as a major hub for global capital, innovation, and financial services.
The move follows the release of a new report titled Establishing an International Financial Centre in Lagos, Nigeria, developed by TheCityUK in collaboration with the UK Government, Lagos State Government, the Lagos International Financial Centre Council, and EnterpriseNGR.
The report outlines a strategic roadmap for transforming Lagos into a leading destination for international investment, with the potential to deepen Nigeria’s financial markets and drive long-term, sustainable economic growth across the region.
Governor Babajide Sanwo-Olu had earlier disclosed the state’s intention to launch the Lagos International Financial Centre during the Investopia Africa event, describing the initiative as a critical step toward improving investment flows and strengthening the ease of doing business. The project is being developed in partnership with global institutions and aligns with Nigeria’s Agenda 2050 and the Lagos State Development Plan 2052.
According to the report, the proposed financial centre will support Nigeria’s ambition to attain upper-middle-income status by mid-century by creating high-value jobs, reducing poverty, and expanding access to global capital. It recommends the creation of an independent IFC model for Lagos, backed by regulatory clarity, simplified tax structures, and investor-friendly policies to boost confidence and competitiveness.
The roadmap identifies green and sustainable finance, financial technology and innovation, and commodities trading and capital markets as priority focus areas for the centre, based on investor demand and Nigeria’s economic strengths. It also calls for strong legal and governance frameworks, closer collaboration between state and federal authorities, and active private sector participation to ensure effective implementation.
Speaking in the report, Sanwo-Olu said, “Lagos is fully committed to the birth of the International Financial Centre. We know that it is a veritable means of supporting seamless trading and enhancing the competitiveness of financial markets. As Nigeria’s largest economic and financial centre, Lagos plays a critical role in driving the nation’s capital markets.”
He added that the initiative would unlock new public-private partnerships in technology and capital market development while promoting financial literacy and attracting foreign investment.
British Deputy High Commissioner Jonny Baxter said, “The launch of the Lagos International Financial Centre report reflects the deepening of the UK-Nigeria partnership, combining Lagos’s comparative strengths with UK expertise. Anchored in clear, evidence-based analysis, the LIFC has the potential to unlock major domestic and international investment, deepen capital markets, create jobs, and drive sustainable economic growth.”
Also commenting, Managing Director, International at TheCityUK, Nicola Watkinson, described Nigeria as a high-growth market and said the financial centre would help attract global capital, facilitate fintech and green finance innovation, and create skilled employment opportunities for young Nigerians.
The report was formally launched at an event held at State House Marina, attended by senior government officials, industry leaders, and international partners.
