The Federal Government has thrown its weight behind the establishment of the Lagos International Financial Centre (LIFC), with stakeholders targeting a soft launch in the first quarter of 2027.
The development followed the inaugural meeting of the LIFC National Steering Committee held in Abuja on Wednesday, September 2, 2026, bringing together key Federal Government institutions, the Lagos State Government and the private sector, represented by EnterpriseNGR.
The Secretary to the Government of the Federation, Senator George Akume, who inaugurated the committee, said President Bola Tinubu had endorsed the LIFC as a strategic national economic priority and directed his office to coordinate Federal Government support for the initiative.
Akume said the Centre would leverage Lagos’ strategic position and Nigeria’s economic potential to establish a financial hub capable of competing internationally.
The committee comprises institutions responsible for finance, justice, foreign affairs, immigration, trade and investment, communications and taxation, as well as the Central Bank of Nigeria and the Securities and Exchange Commission.
The arrangement is expected to facilitate the legal, fiscal, regulatory, immigration, investment promotion and digital infrastructure requirements needed to establish the Centre.
Governor Babajide Sanwo-Olu, who chairs the LIFC Council, described the project as “strategic national infrastructure,” stressing that it should not be seen merely as a Lagos initiative but as an instrument of Nigeria’s long-term economic strategy.
According to Sanwo-Olu, the ambition is to establish Lagos as Africa’s premier international financial centre and a trusted gateway through which global capital can access opportunities in Nigeria and across the continent.
He said the LIFC would be built around institutional trust, regulatory quality, legal certainty and international connectivity, stressing that it would neither operate as a tax haven nor provide room for regulatory arbitrage or illicit financial activities.
The governor said Lagos, as Nigeria’s principal commercial and financial hub, has the market depth and ecosystem required to anchor an international financial centre, given its concentration of banking, capital markets, insurance, fintech, professional services and investment activities.
He added that the Lagos State Government would continue to lead areas including planning, infrastructure development and the state-specific legislative and institutional framework required for the Centre.
Chairman of EnterpriseNGR and Co-Chairman of the LIFC Council, Aigboje Aig-Imoukhuede, said the partnership between the Federal Government, Lagos State and the private sector demonstrated what could be achieved when institutions align around a common economic objective.
“Capital goes where it feels safe. It goes where it believes it can grow. It goes where it feels comfortable,” Aig-Imoukhuede said.
He disclosed that the project had entered its final development phase, with promoters working towards a soft launch in Q1 2027.
Preparatory work already undertaken includes a strategic blueprint, legal and regulatory gap assessments, a business plan, institutional operating model and implementation economics.
KPMG is supporting the LIFC Project Office, while TheCityUK is providing international technical support funded by the UK Government.
The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, pledged Federal support for the legal framework required to provide investors with greater certainty, including identifying laws that may require amendment, enhancement or repeal.
Executive Chairman of the Nigeria Revenue Service, Zacch Adedeji, urged stakeholders to move quickly from planning to implementation, while Minister of Industry, Trade and Investment Jumoke Oduwole described the LIFC as a catalyst for Nigeria’s ambition to build a $1 trillion economy.
The Ministry of Foreign Affairs also pledged to support the initiative through investment diplomacy, international advocacy and strategic partnerships.
The promoters said the Centre is ultimately expected to deepen Nigeria’s capital markets, attract global investment, create higher-value employment, strengthen professional services and channel capital into productive sectors including infrastructure, technology, agriculture and manufacturing.
The LIFC is a joint initiative of the Federal Government, Lagos State Government and EnterpriseNGR aimed at establishing an internationally competitive financial centre in Lagos and positioning Nigeria as a trusted gateway for global capital seeking opportunities across Nigeria and Africa.