Lagos State’s ambitious plan to establish an International Financial Centre (LIFC) is set to attract global investors, create jobs, and address the state’s significant infrastructure deficit, according to government officials.
The state government has partnered with EnterpriseNGR, TheCityUK, and the Foreign Commonwealth and Development Office to drive this initiative.
Speaking at a press event on Wednesday, Lagos State Commissioner for Finance, Abayomi Oluyomi, emphasized the importance of the LIFC for the state’s economic future.
“We found out that the gap we have in infrastructure in Lagos is about N10tn. Our 2025 budget is about N3.3tn, which cannot even finance this gap.
About 70% of our revenue comes from internally generated sources, and the LIFC will help close this gap,” Oluyomi said.
The LIFC is expected to attract both domestic and foreign investors, helping to catalyze the city’s infrastructure development and revenue generation.
TheCityUK’s Director of International Development, Anna Rogers, expressed confidence that with the right regulatory framework, Lagos could follow in the footsteps of financial hubs like Dubai.
She said, “Every country has a different journey, but Lagos is well-positioned to attract global capital with effective legislation and transparency.”
Ope George, Commissioner for Economic Planning and Budget, added that the LIFC would position Lagos as a world-class financial hub, creating high-value jobs and promoting economic growth.
“The LIFC is about people, about creating high-value jobs, and ensuring access to wealth creation opportunities,” George stated.
The initiative is expected to play a key role in driving the state’s long-term development goals.