The Governor of Lagos State, Mr. Babajide Sanwo-Olu has signed an executive order establishing Lagos International Financial Centre Council (LIFC Council) to attract global investment to the state.
The Governor while signing the order at the Government House noted that to actualize the vision, the State Government is in in partnership with EnterpriseNGR – a member-led advocacy group that promotes the growth and development of Nigeria’s Financial and Professional Services (FPS) sector as a catalyst for economic development.
He noted that with the LIFC Council leading the charge, and in line with its strategic mandate, it to not only attract global investors but also ignite a wave of economic growth and innovation within the state.
- “Lagos aims to captivate global investors, unveil its potential as an investment destination of choice, and pave the way for a transformative era of economic prosperity,” he said.
Sanwo-Olu, Governor of Lagos State., who Chairs the Council emphasised that the key objective of the council’s participation in the Lord Mayor’s Show is to showcase the investment potential of Lagos and to elevate the State as a global investment destination.
- “Lagos is not just going to London for the parade and pageantry; this visit has a more strategic purpose. This is a prime opportunity to showcase Lagos on a global platform. The newly LIFC Council signifies not just an institutional milestone, but a commitment to a bold vision positioning Lagos as the beacon of financial innovation in Africa,” he said.
- “Lagos and Nigeria’s enduring history with the United Kingdom reflects a proud Commonwealth partnership since gaining independence in 1960. Nigeria remains dedicated to fostering diplomatic and economic ties, presenting abundant investment opportunities in sectors such as oil, finance, technology, agriculture, healthcare, and infrastructure.
- This resilient partnership, combined with Nigeria and Lagos’s commitment to growth, creates a promising landscape for UK investors eager to contribute to and benefit from the nation’s dynamic and expanding economy.’ he added.
EnterpriseNGR’s Chairman, Mr. Aigboje Aig-Imoukhuede, who joins the Governor as Co-Chair of the Council added; that we recognise the profound significance of attracting investments. Investment isn’t merely a transaction; it’s a catalyst for job creation, driving sustainable development and fostering a symbiotic relationship between investors, the State, and the communities at large.
Ms. Obi Ibekwe, CEO of EnterpriseNGR noted that the LIFC Council’s objective is clear – to align strategic partnerships that contribute to the economic prosperity of Lagos and Nigeria by establishing Africa’s premier International Financial Centre here in Lagos.
Ibekwe noted that Lagos contributes more than 30% to Nigeria’s GDP, accounts for about 60% of the country’s energy demand, and is responsible for 90% of Nigeria’s foreign trade flow.
She added that it generates over 50% of Nigeria’s port revenues, and a remarkable 70% of the state revenue is internally generated. It boasts of a dynamic business environment, as well as a vibrant hub for innovation and technology, with a burgeoning tech ecosystem that rivals global counterparts.
- “The State has achieved significant milestones in 2023, including the commencement of the Blue Line Rail, the establishment of the Ministry of Marine and Blue Economy, and the ground-breaking for the $100 million African Film City project in Epe.
- Private sector investors have also thrived in the state with Lagos being home to four tech unicorns, leading Financial and Professional Services players, FMCG companies, and the largest single train refinery in the world.
- With attractions like tax holidays, access to a large market and gateway to other African markets, a burgeoning middle class, and a sound legal and regulatory framework that protects investments, Lagos provides a safe and secure business environment in a stable political setting,” she said.
