The Federal Government, on Wednesday, inaugurated the National Steering Committee for the Lagos International Financial Centre (LIFC) Initiative, marking a significant milestone in Nigeria’s drive to establish a globally competitive financial hub in Africa. The Committee brings together key Federal Government institutions, the Lagos State Government, and private sector stakeholders to ensure effective coordination in addressing policy, legal, regulatory, institutional, and infrastructure issues critical to the Centre’s success.
George Akume, Secretary to the Government of the Federation, speaking at inauguration of the LIFC, described it as strategic initiative designed to deepen Nigeria’s capital markets, attract domestic and foreign investment, promote financial innovation, and strengthen the country’s financial ecosystem for sustainable economic growth. Akume said the LIFC presents Nigeria with an opportunity to leverage Lagos’ strategic position and Nigeria’s economic potential to create a financial centre of international standing,” he said.
President Bola Tinubu had earlier endorsed the LIFC Initiative as a strategic national economic priority and directed the Office of the Secretary to the Government of the Federation to coordinate Federal Government support for its implementation. Akume urged members to approach the assignment with commitment and urgency, emphasising that the success of the LIFC would depend on a strong whole-of-government approach and effective partnership between the Federal Government, Lagos State Government, and the private sector.
He assured the Committee of the full support of his Office in facilitating the discharge of its mandate. Governor Babajide Sanwo-Olu of Lagos State and Co-Chairman of the Committee, in his remarks, explained that “International Financial Centres are deliberate instruments of national economic strategy: trusted jurisdictions built to mobilise long-term capital, deepen markets and connect domestic opportunity to global capital.