Lagos State has taken a significant step towards becoming a global financial powerhouse with the signing of a Memorandum of Understanding (MoU) for the development of an International Financial Centre (LIFC).
The MoU, signed on Monday with The City UK and the Foreign Commonwealth and Development Office, signals the state’s commitment to uniting local and international investors in a more predictable financial environment.
Governor Babajide Sanwo-Olu emphasized, “The signing of the MoU signposts the beginning of another level of engagement in establishing Lagos International Financial Centre and making Lagos the first in sub-Saharan Africa to get an international financial centre.”
Aigboje Aig-Imoukhuede, Co-Chairman of the LIFC, praised the initiative, stating, “Today, we are carrying the flag of Lagos State, Nigeria, and indeed Africa. We are getting to the promised land of having an international financial centre in Lagos and for Nigeria.”
The partnership is expected to bolster Lagos’s position as a key player on the global financial map, attracting both local and international investments.