The Lagos State Government has unveiled plans to develop the Lagos International Financial Centre (LIFC) at Eko Atlantic in Victoria Island, in partnership with EnterpriseNGR and various industry stakeholders, aiming to strengthen Nigeria’s position in global financial markets.
Governor Babajide Sanwo-Olu announced the initiative as part of efforts to cement Lagos’ status as Africa’s leading financial hub. The LIFC is designed to create a conducive environment for trading activities, draw foreign capital, and boost the competitiveness of Nigeria’s financial sector.
“Lagos serves as Nigeria’s primary economic and financial center, playing a vital role in driving the nation’s capital markets,” Sanwo-Olu said. “Our licensed exchanges form the core of this ecosystem, facilitating investment flows, improving market liquidity, and promoting financial literacy.”
He noted that the LIFC would enhance market infrastructure while creating new opportunities for public-private collaborations in technology and capital market development.
Co-chairman of the project, Aigboje Aig-Imoukhuede, encouraged the leadership of licensed exchanges—including the Nigerian Exchange Group, FMDQ Group Plc., NASD OTC Security Exchange Limited, and Lagos Commodities and Futures Exchange—to integrate global standards with Lagos’ financial ecosystem. He described the LIFC as transformative and urged exchanges to implement strategies that enhance liquidity, innovation, and market depth.
Separately, Governor Sanwo-Olu revealed that Lagos has attracted over $1.2 billion in digital investments over the past five years. During a meeting with a Nigerian Communications Commission delegation led by Executive Vice Chairman Aminu Maida, the governor explained that these funds have supported data centers, submarine cables, and network expansion projects.
The governor confirmed his administration’s ongoing commitment to digital infrastructure development through NCC collaboration, aligning with the Education and Technology pillar of the THEMES+ agenda. He pledged continued cooperation to protect telecommunications infrastructure and advance digital economy initiatives benefiting Lagos residents.
The state government continues to implement strategic plans to increase the technology ecosystem’s GDP contribution from 3% to 10%, including establishing a fund-of-funds to co-invest with venture capital firms in Lagos-based tech startups.
