Business
Lagos State to Launch International Financial Centre to Boost Capital Market Growth
The Lagos State Government has finalized plans to establish an International Financial Centre (LIFC) in collaboration with EnterpriseNGR and key stakeholders to drive capital market growth.
This initiative aims to create a world-class financial ecosystem, attracting foreign investments, enhancing market liquidity, and positioning Nigeria’s financial markets as globally competitive.
Governor Babajide Sanwo-Olu described the Lagos International Financial Centre as a transformational project designed to solidify Lagos as Africa’s leading financial hub. The centre will be strategically located at Eko Atlantic in Victoria Island.
Fostering Capital Market Growth & Financial Innovation
Sanwo-Olu emphasized that the project will accelerate capital market expansion, encourage public-private partnerships, and drive financial sector innovation in the state.
“As Nigeria’s largest economic and financial hub, Lagos plays a pivotal role in our capital markets. Our licensed exchanges are at the core of this ecosystem, facilitating investment flows, increasing liquidity, and promoting financial literacy,” he stated.
He added that the LIFC will strengthen market infrastructure and unlock new investment opportunities in technology and capital markets development.
A Call for Global Best Practices
Aigboje Aig-Imoukhuede, co-chairman of the project alongside Governor Sanwo-Olu, urged the CEOs of licensed exchanges—including Nigerian Exchange Group (NGX), FMDQ Group Plc., NASD OTC Securities Exchange Limited, and Lagos Commodities and Futures Exchange (LCFE)—to align global best practices with the Lagos financial ecosystem.
He described the LIFC as a “game changer”, calling on exchanges to adopt strategies that enhance liquidity, innovation, and market depth.
Lagos’ Digital Investment Milestone
In a related development, Lagos State has attracted over $1.2 billion in digital investments to boost its digital economy and expand telecom infrastructure.
Governor Sanwo-Olu revealed this during a visit by the Nigerian Communications Commission (NCC) delegation, led by Executive Vice Chairman Aminu Maida, at the Lagos House in Ikeja.
These investments, secured over the last five years, have funded data centers, submarine cables, and network expansion projects. The governor reaffirmed his administration’s commitment to strengthening digital infrastructure through a strategic partnership with NCC, aligning with the Education and Technology pillar of the THEMES+ agenda.
“Our investments in digital infrastructure will be further enhanced through this collaboration with NCC,” Sanwo-Olu stated.
He assured that Lagos State will continue working with NCC to protect critical telecom infrastructure and advance the digital economy for the benefit of residents.
Driving Tech Ecosystem Growth
Lagos State has been actively implementing strategic initiatives to accelerate its digital transformation. The government has outlined plans to increase the tech ecosystem’s contribution to GDP from 3% to 10%, including the launch of a fund-of-funds initiative to co-invest with venture capital firms in Lagos-based tech startups.