The Lagos State Government has unveiled plans to revolutionize the state’s economy with the launch of the Lagos International Financial Centre (LIFC), a groundbreaking initiative aimed at attracting global investments, creating thousands of jobs, and boosting overall state revenue. The announcement was made during the signing of a Memorandum of Understanding (MoU) between the Lagos State Government, EnterpriseNGR, TheCityUK, and the UK’s Foreign Commonwealth and Development Office.
Speaking at the event on Wednesday at the Ministry of Finance building in Ikeja, Lagos State Commissioner for Finance, Abayomi Oluyomi, explained the far-reaching potential of the LIFC. According to Oluyomi, the LIFC will bridge the state’s N10 trillion infrastructure gap by attracting both foreign and domestic investors to set up businesses in Lagos, significantly increasing state revenue and driving development.
Oluyomi said, “The Lagos budget for 2025 is N3.3 trillion, but we face an infrastructure gap of N10 trillion. We can’t close that gap with just our local revenue alone, so we need a catalytic solution. The LIFC will be the engine that attracts international capital, and with this growth, the ambition for Lagos becomes achievable.”
He further emphasized that the LIFC is poised to provide a platform for global investors, unlocking vital capital to accelerate the state’s infrastructure projects and drive economic growth. “With the LIFC, we will finally have the necessary tools to take Lagos to the next level,” Oluyomi stated.
Anna Rogers, Director of International Development at TheCityUK, highlighted her organization’s extensive experience in building similar financial hubs in cities like Dubai. She stressed that building trust, transparency, and a solid legal and regulatory framework would be key to the success of the LIFC. “To attract global investors, Lagos must provide a clear ‘why’ – why the LIFC is essential and how it will benefit all stakeholders. Confidence and trust in the legal and regulatory environment will be critical to the success of this project,” Rogers explained.
Ope George, Commissioner for Economic Planning and Budget, further reinforced the importance of the LIFC in positioning Lagos as a world-class financial hub. He noted that the project would not only attract capital but also create high-value jobs, upskill the local workforce, and provide increased opportunities for wealth creation. “The LIFC will enhance trade deals, provide better access to global capital, and ensure that Lagos remains at the forefront of financial innovation,” George said.
The event, which was also attended by key stakeholders including the Commissioner for Commerce, Cooperatives, Trade, and Investment, Folashade Ambrose, and Commissioner for Information and Strategy, Gbenga Omotoso, marked a pivotal moment in the development of Lagos’ financial future.
With strong backing from both local and international partners, the LIFC is set to position Lagos as a premier global financial destination, paving the way for a prosperous, job-filled future while fostering sustainable development for the state.
About The Author
