Nigeria has reached a crucial landmark in its objective to set up the Lagos International Financial Centre (LIFC), a key economic initiative backed by the federal government, Lagos state government, and the private sector, with EnterpriseNGR acting as the strategic partner to facilitate coordination and implementation.
On February 23, 2026, a select team of 17 senior Nigerian government officials, including lawmakers, financial regulators, and business leaders tasked with influencing policy and regulation, gathered at the Møller Institute at the University of Cambridge in the United Kingdom.
This convening served as a high-level national alignment and capacity development programme that spanned two days, allowing important discussions as part of phase two in the development of the LIFC.
This phase follows a foundational training programme held in October 2025, which brought together 15 high-ranking officials from the Lagos state government and EnterpriseNGR, aimed at bolstering institutional capacity and facilitating coordinated readiness across public and private sectors for the Centre.
The LIFC aims to create a globally recognized, insulated financial jurisdiction in Nigeria to draw international investments, enhance the capital markets, boost confidence in Nigeria’s financial system, and expedite the nation’s economic transformation.
The project is projected to yield substantial economic advantages for Nigeria, including a rise in foreign direct investment, high-quality job generation, increased fiscal revenues, and enhanced global competitiveness of Nigeria’s financial and professional services sector.
The programme sees both the Lagos state government and EnterpriseNGR playing critical roles in the development, stakeholder alignment, and engagement of the private sector.
The Cambridge programme is noted as a vital step towards advancing the LIFC from strategic planning to practical implementation.
It highlights the strategic national significance of the LIFC, as it supports and aligns with Nigeria's essential development frameworks, which include the Renewed Hope Medium-Term Plan (2026–2030), Nigeria Agenda 2050, and The Lagos State Development Plan 2052.
Moreover, the initiative aims to support government objectives such as bolstering foreign direct investment, reinforcing financial regulations and market integrity, enhancing Nigeria's competitive edge in global investments, and positioning the country as a leading financial and professional services hub in Africa.
The establishment of the LIFC aims to address systemic constraints that have historically hindered Nigeria’s competitiveness in attracting global capital by creating a conducive financial climate within the nation.
Regarding the accomplishments achieved during the Cambridge session, the statement mentioned that the programme was conceived to ensure national alignment and institutional preparedness as Nigeria embarks on the second phase of the LIFC’s development.
This phase focuses on co-developing a cohesive vision for the LIFC, increasing understanding of international financial centre operations, enhancing regulatory, legal, and institutional competencies, coordinating efforts ahead of the legal establishment of the LIFC, and preparing relevant bodies for the Centre’s gradual launch and planned initial rollout.
“This strategy mirrors best practices globally and emulates development trajectories undertaken by internationally acknowledged financial centres like Dubai, Abu Dhabi, and Astana,” the statement noted.
The programme unites senior leaders accountable for the conceptualization, legislation, regulation, and operationalization of the LIFC. Participants included Babajide Sanwo-Olu, Governor of Lagos State and Chair of the LIFC Council, as well as Aigboje Aig-Imoukhuede, Co-Chairman of the LIFC Council and Chairman of EnterpriseNGR.
Senators involved from the National Assembly included: Senator Adetokunbo Abiru, Chair of the Senate Committee on Banking, Insurance, and Other Financial Institutions; Senator Adamu Aliero; and Senator Abubakar Umar Sadiq.
Additionally, various representatives of both federal and state governments attended, including Dr. Jumoke Oduwole, Minister of Industry, Trade and Investment; Mrs. Sanyade Okoli, Special Adviser to the President on the Economy; Dr. Emomotimi Agama, Director-General of the Securities and Exchange Commission; Aisha Rimi, Chief Executive Officer of the Nigerian Investment Promotion Commission (NIPC); and Abayomi Oluyomi, Lagos State Commissioner for Finance.
Also present were senior representatives from the Federal Ministry of Finance, the Central Bank of Nigeria (CBN), and the Nigeria Revenue Service (NRS), alongside officials from EnterpriseNGR, highlighting the extensive national cooperation backing the LIFC initiative.
As for the anticipated economic impact, the statement underscored that many countries with IFCs benefit economically through several recurring channels: Gross Domestic Product (GDP) growth and value addition, as financial services play high-productivity roles that generate significant spillover effects.
“Job creation and human capital development include high-skill, high-wage employment plus indirect job creation; Foreign Direct Investment (FDI) and capital flows occur through IFCs that make cross-border financing easier.
“Fiscal revenues arise through corporate taxes, personal income taxes, fees, and other indirect taxes, while economic diversification and resilience are enhanced, reducing dependence solely on commodities or manufacturing.
“By establishing an internationally benchmarked financial jurisdiction within Nigeria, the LIFC is designed to enhance the investment climate and aid long- term economic growth,” the statement concluded.
The LIFC represents a significant ongoing transformative economic initiative in Nigeria with direct implications for the country's investment ecosystem, financial market evolution, job creation, and overall economic expansion within the global context.
The successful completion of this national alignment programme in Cambridge signifies a crucial advance as Nigeria nears the LIFC’s anticipated soft launch before the close of 2027.
EnterpriseNGR is a member-driven organization aimed at promoting and fostering a conducive policy framework for Nigeria's Financial and Professional Services sector.
This sector encompasses Banking, Insurance, Pensions, Capital Market Operators, Asset Management, Exchanges, Depositories, Clearing Houses, Law, Accountancy, and Management Consulting.
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