Lagos State Governor, Babajide Sanwo-Olu, has hinted of plans by state government, in collaboration with EnterpriseNGR and other partners, to establish an international financial centre for the purposes of boosting the nation’s capital market.
The governor described the proposed Lagos International Financial Centre (LIFC) as a strategic move to solidify Lagos as Africa’s premier financial hub as well as create an enabling environment required to attract foreign investments, and enhance the competitiveness of Nigeria’s financial markets.
Sanwo-Olu explained the initiative would foster capital market growth, attract global investments, and drive financial sector innovation in the state.
He said: “As Nigeria’s largest economic and financial centre, Lagos plays a critical role in driving the nation’s capital markets. Our licensed exchanges are at the heart of this ecosystem, facilitating investment flows, enhancing market liquidity, and promoting financial literacy.
“This initiative will not only strengthen our market infrastructure but also unlock new opportunities for public-private partnerships in technology and capital market development”, Sanwo-Olu added.
In his remarks, Co-chairman of the project and investment expert, Aigboje Aig-Imoukhuede, urged the CEOs of licensed exchanges, including the Nigerian Exchange Group (NGX), FMDQ Group Plc., NASD OTC Security Exchange Limited, and Lagos Commodities and Futures Exchange (LCFE), to align the Lagos financial ecosystem with global best practices.
He described the LIFC as a game changer and tasks the chieftains of the exchanges to adopt strategies that will enhance liquidity, innovation, and market depth.
It would be recalled that the Lagos State Government recently disclosed that over $1.2 billion in digital investments had been attracted into the state to bolster its digital economy and expand telecom infrastructure.
Sanwo-Olu made this disclosure when a team of the Nigerian Communications Commission (NCC), led by its Executive Vice Chairman and CEO, Dr. Aminu Maida, paid him a courtesy visit at the Lagos House in Lagos.
