FG Moves To Position Lagos As Africa’s Global Finance Hub .... Inaugurates National Steering Committee

"The initiative was designed to deepen Nigeria’s capital markets, attract domestic and foreign investments, promote financial innovation and strengthen the country’s financial ecosystem." Akume, Secretary to the Government of the Federation, SGOF.

.... Says “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."

The Federal Government has inaugurated a National Steering Committee for the Lagos International Financial Centre initiative, signalling a renewed push to position Nigeria as a major destination for global capital and financial investment.

The Secretary to the Government of the Federation, Senator George Akume, who inaugurated the committee in Abuja on Wednesday, said the initiative was designed to deepen Nigeria’s capital markets, attract domestic and foreign investments, promote financial innovation and strengthen the country’s financial ecosystem.

Akume said the Lagos International Financial Centre would leverage Lagos’ strategic position and Nigeria’s economic potential to create a financial hub of international standing.

“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,” the SGF said.

He added that President Bola Tinubu had endorsed the initiative as a strategic national economic priority and directed the Office of the Secretary to the Government of the Federation to coordinate Federal Government support for its implementation.

Akume urged members of the committee to approach the assignment with urgency, noting that the success of the proposed financial centre would depend on strong collaboration among the Federal Government, the Lagos State Government and private sector stakeholders.

He said the committee would coordinate efforts to address policy, legal, regulatory, institutional and infrastructure challenges critical to the success of the proposed financial hub.

“The success of the LIFC will depend on a strong whole-of-government approach and effective partnership between the Federal Government, Lagos State Government and the private sector,” he said.

The SGF, who chairs the committee, assured members of the full support of his office in facilitating the implementation of its mandate.

The Co - Chairman and Executive Governor of Lagos State, Babajide Sanwolu, CON, making his presentation at the inauguration of the National Steering Committee for the Lagos International Financial Centre (LIFC) on Wednesday, 2nd September, 2026 in Abuja.

Lagos State Governor, Babajide Sanwo-Olu, is the co-chairman of the committee, while the Permanent Secretary, General Services Office, Office of the Secretary to the Government of the Federation, Dr Ibrahim Abubakar Kana, serves as shadow chairman.

The Lagos State Commissioner for Finance, Mr Abayomi Oluyomi, is the shadow co-chairman.

The Shadow Chair and Permanent Secretary (GSO) Dr. Ibrahim Abubakar Kana, mni, delivering the opening remarks at the inauguration of the National Steering Committee for the Lagos International Financial Centre (LIFC) on Wednesday 2nd September 2026 in Abuja.

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, Bianca Odumegwu-Ojukwu; Minister of Interior, Olubunmi Tunji-Ojo; Minister of Industry, Trade and Investment, Jumoke Oduwole; and the Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani.

Also on the committee are the Governor of the Central Bank of Nigeria, Olayemi Cardoso; the Director-General of the Securities and Exchange Commission, Dr Emomotimi Agama; Executive Chairman of the Nigeria Revenue Service, Dr Zacch Adedeji; and the Chairman of EnterpriseNGR, Aigboje Aig-Imoukhuede.

Speaking during a presentation at the inauguration, Sanwo-Olu described international financial centres as deliberate instruments of national economic strategy designed to mobilise long-term capital, deepen financial markets and connect domestic opportunities to global investors.

He said such financial centres were built on institutional trust, quality regulation, legal certainty and international connectivity.

According to the governor, the Lagos International Financial Centre has the potential to become a platform through which Nigeria can compete for global capital while providing international investors access to opportunities across Africa.

Group photograph 

Sanwo-Olu said the collaboration among the Federal Government, Lagos State and private sector stakeholders, represented by EnterpriseNGR, would be critical to addressing the issues necessary for the success of the initiative.

The SGF congratulated members of the committee and expressed optimism that the initiative would make a significant contribution to Nigeria’s economic growth and global financial competitiveness.