By Biola Ayo
A major step has been taken to position Lagos as West Africa’s leading international financial hub, following the launch of a landmark report titled “Establishing an International Financial Centre in Lagos, Nigeria.”
The report was unveiled at the State House, Marina, through a partnership involving TheCityUK, the UK Government, Lagos State Government, the Lagos International Financial Centre Council, and EnterpriseNGR.
It provides a strategic roadmap to attract global investment, deepen Nigeria’s capital markets, and drive sustainable economic growth.
Speaking at the event, Governor Babajide Sanwo-Olu reaffirmed Lagos State’s commitment to establishing the International Financial Centre, describing it as a platform to enhance seamless trading, improve market competitiveness, and stimulate public-private partnerships in technology and capital market development.
British Deputy High Commissioner to Nigeria, Jonny Baxter, said the initiative reflects deepening UK-Nigeria economic collaboration, combining Lagos’ economic strengths with UK financial expertise to unlock domestic and international investment opportunities.
The report recommends an independent International Financial Centre model backed by regulatory clarity, competitive tax incentives, and streamlined business processes to boost investor confidence.
It identifies Green and Sustainable Finance, FinTech and Innovation, and Commodities Trading and Capital Markets as priority sectors expected to deliver significant economic impact and create high-value jobs.
Managing Director, International at TheCityUK, Nicola Watkinson, noted that Nigeria’s youthful population and dynamic market make the initiative timely, adding that a modern regulatory framework would attract global capital and promote innovation.
Stakeholders expressed optimism that the Lagos International Financial Centre would reposition the state as a gateway for investment into West Africa and strengthen Nigeria’s role in global finance.
