Lagos State, EnterpriseNGR unveil LIFC roadmap

•Takes ‘open for business’ message to Lord Mayor’s Show in London

Lagos State and EnterpriseNGR, a member-led advocacy group that promotes the growth and development of Nigeria’s financial/professional services (FPS) sector, at the weekend, laid out the grand plan towards achieving the much-anticipated Lagos International Financial Centre (LIFC), a project that promises to make the state a global financial hub that will take a major bite of the investment flows to places like New York, London, Paris among others.

At the unveiling, Gov. Babajide Sanwo-Olu signed Executive Order Three, laying the framework for the operation of the LIFC Council, a governance body of the scheme led by the governor and Chairman of EnterpriseNGR, Aigboje Aig-Imoukhuede as chair and co-chair respectively.

The council also draws membership from the leadership team of EnterpriseNGR and the Lagos State Government cabinet. It will also be supported by a secretariat to be majorly operated by Enterprise NGR.

As part of the efforts to draw attention to the unlimited opportunities the state offers and make it an investment destination, the parties will be making a statement at the 805th procession of the prestigious Lord Mayor’s Show to be held in the epicentre of global business in the United Kingdom this week.

It will be a headline-making event for Lagos as it emerges the first African participant invited to join the show. The collaboration between Lagos State and EnterpriseNGR is built on their shared goal of positioning Lagos as Africa’s premier financial centre.

With the LIFC Council leading the charge, and in line with its strategic mandate to not only attract global investors but also to ignite a wave of economic growth and innovation within the state, Lagos aims to captivate global investors, unveil its potential as an investment destination of choice and pave the way an era of economic prosperity.

Addressing the media at the Lagos House, Sanwo-Olu, emphasised that the key objective of this historic participation in the Lord Mayor’s Show is to showcase the investment potential of Lagos and to elevate the State as a global investment destination.

“Lagos is not just going to London for the parade and pageantry; this visit has a more strategic purpose. This is a prime opportunity to showcase Lagos on a global platform. The newly inaugurated LIFC Council signifies not just an institutional milestone, but a commitment to a bold vision – positioning Lagos as the beacon of financial innovation in Africa.

“The Lord Mayor, Prof. Michael Mainelli’s invitation stands as a resounding endorsement of Lagos State’s commitment to excellence, as well as recognition of its increasing economic prominence. This invitation aligns harmoniously with the council’s mission to establish Lagos as a global financial hub, attracting investments that will fuel sustainable economic development.

“Lagos and Nigeria’s enduring history with the United Kingdom reflects a proud Commonwealth partnership since gaining independence in 1960. Nigeria remains dedicated to fostering diplomatic and economic ties, presenting abundant investment opportunities in sectors such as oil, finance, technology, agriculture, healthcare, and infrastructure. This resilient partnership, combined with Nigeria and Lagos’s commitment to growth, creates a promising landscape for UK investors eager to contribute to and benefit from the nation’s dynamic and expanding economy.”

Aig-Imoukhuede, said: “EnterpriseNGR stands as a catalyst for transformative change in Nigeria’s Financial and Professional Services sector. Our vision extends beyond advocacy. It’s a commitment to incentivise investments that go beyond financial gains. As we embark on this historic delegation to showcase Lagos on the global stage, we recognise the profound significance of attracting investments. Investment isn’t merely a transaction, it is a catalyst for job creation, driving sustainable development and fostering a symbiotic relationship between investors, the State, and the communities at large.”

Also speaking, CEO of EnterpriseNGR, Obi Ibekwe, a key member of the council, noted: “EnterpriseNGR’s participation in this historic delegation to the Lord Mayor’s Show underscores the critical role we play in driving transformative change within Nigeria’s FPS sector. We are not just advocating for growth, we are actively working to create a dynamic, interconnected and thriving FPS sector.”

She described the inauguration of the LIFC Council as a testament to “our unwavering commitment to fostering strategic partnerships that contribute to the economic prosperity of Lagos and Nigeria”.

Key members of the council were handed over the terms of reference of the initiative even as Sanwo-Olu stressed that the team would work tirelessly to attract billions of dollars in investment to the state and the entire country. He said the government and Enterprise NGR would work with relevant federal agencies on fiscal, governance and commercial incentives needed to achieve their goals.