By Jemimah Wellington, JKNewsMedia Reporter
A MAJOR step towards positioning Lagos as a global financial hub has been taken with the signing of a Memorandum of Understanding (MoU) to establish an International Financial Centre (IFC).
The agreement, formalised on Monday, is a collaboration between the Lagos State Government, EnterpriseNGR, The City UK, and the UK’s Foreign, Commonwealth and Development Office (FCDO).
This initiative is expected to drive economic growth and position Lagos as the first sub-Saharan African city to host an IFC.
The signing ceremony saw the participation of key stakeholders, including Lagos State Commissioner for Finance, Mr Yomi Oluyomi; CEO of EnterpriseNGR, Mrs Obi Ibekwe; Head of Eurasia, Middle East and Africa at The City UK, Chika Mourah; and Director of International Development at The City UK, Anna Rogers.
Witnessing the event were Lagos State Governor and Chairman of LIFC, Mr Babajide Sanwo-Olu; Co-Chairman LIFC and Chairman of Access Holdings, Mr Aigboje Aig-Imoukhuede; Charge d’Affaires at the British Deputy High Commission Lagos, Mr Simon Field; Secretary to the State Government, Mrs Bimbola Salu-Hundeyin; and Head of Service, Mr Bode Agoro, among others.
Governor Sanwo-Olu, addressing attendees, reaffirmed his administration’s commitment to realising the vision of an internationally recognised financial centre.
“The signing of this MoU marks the beginning of a new chapter in our quest to establish Lagos as a major player in global finance. This initiative is not just about Lagos; it is about positioning Nigeria as a prime destination for both local and international investors,” he said.
Sanwo-Olu further stressed that the IFC would create a predictable and reliable business environment, fostering economic expansion. He expressed gratitude to the partners for their financial and technical backing in the project’s realisation.
Echoing this sentiment, Co-Chairman of LIFC, Mr Aigboje Aig-Imoukhuede, lauded the governor’s leadership in spearheading the initiative. “Today, Lagos carries the flag of Nigeria and Africa towards achieving the long-held dream of an international financial centre. This MoU is a crucial milestone in making Lagos a formidable force in the global financial landscape,” he stated.
Director of International Development at The City UK, Anna Rogers, highlighted the importance of UK-Nigeria collaboration in building a robust financial ecosystem.
“We are honoured to be strategic partners in this landmark initiative. This partnership will serve as a platform for knowledge exchange in corporate governance, financial regulation, and innovation. Increased trade, investment, and professional collaboration will follow as a result,” she noted.
Sanwo-Olu said the Lagos International Financial Centre is expected to provide a framework for improved financial services, regulatory advancements, and enhanced business confidence, setting a precedent for other African nations aspiring to establish similar hubs.
He adds that the project aligns with broader efforts to attract global capital and facilitate economic transformation in Nigeria.
