Nigeria has prepared a roadmap for the launch of the first phase of the Lagos International Financial Centre (LIFC), which is expected to attract investment and strengthen the country’s financial system.
The development comes more than a year after the Federal Government approved the establishment of the Lagos International Financial Centre (IFC) in March 2025.
The Phase One report, produced in partnership with EnterpriseNGR, an advocacy group, the United Kingdom government, and TheCityUK, an industry-led body representing UK-based financial professional services identifies three priority sectors.
These include “green and sustainable finance, fintech and innovation, and commodities trading and capital markets.” which were identified as key drivers for Nigeria’s future competitiveness and growth.
Aigboje Aig-Imoukhuede, board chairman of EnterpriseNGR, said that building the center requires “discipline, strong institutions, and trusted collaborators.”
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“The substantial groundwork has been completed through policy engagements, technical partnerships and institutional capacity building,” said Babjide Sanwo-Olu, governor of Lagos state. “We are now moving into the execution phase to ensure our financial system drives innovation and opportunity for all Nigerians, today and for the future.”
Jonny Baxter, British deputy High Commissioner was optimistic about “combining Lagos’s strength with UK expertise”.
He said the LIFC has the potential to attract domestic and international investment, create jobs, and support sustainable economic growth across Nigeria.
The report recommends “competitive tax regimes and tailored incentives for investment” to give investors confidence and guide the implementation of the centre.
Success will also hinge on Nigeria “developing local talent, easing visa regimes for international professionals, and building a pipeline of skilled workers.”
Officials say Phase One sets the foundation for execution, focusing on practical steps to develop a financial ecosystem that channels investment into the economy and supports innovation.
