The Lagos State government and EnterpriseNGR have restated commitments towards deepening the country’s financial markets and making Lagos the hub for a diverse range of financial activities and services at an international level.
   

After the second meeting of the Lagos International Financial Centre (LIFC) Council, held at the Governor’s Office, Alausa, Ikeja, on Wednesday, the Council reiterated the importance of the LIFC and affirmed its commitment to deliver on its mandate.
   
The LIFC was established through an executive instrument issued by the governor, Mr. Babajide Sanwo-Olu. The Council was inaugurated on November 3, 2023, chaired by the governor and co-chaired by Mr. Aigboje Aig-Imoukhuede, Chairman of EnterpriseNGR.
   
The second meeting of the LIFC reviewed the activities of the Council and proposed recommendations for enhancing the state’s global financial connectivity, regulatory efficiency, infrastructure development and international reputation.
 
At the end of the meeting, the Council considered the importance of Licensed Exchanges (securities; commodities, etc.) in the LIFC market infrastructure; and thereafter unanimously resolved that the LIFC Council, led by the Chairman and Co-Chairman, should engage with all Exchanges hosted by Lagos state to explore how the government can support efforts at deepening the markets and opening them up to more local and international investors. 
 
Also, the council affirmed that the objectives of the LIFC would be achieved through workstreams and thereby agreed to establish workstreams for this purpose.
 
Some of these include Legal and Governance, Strategy and Finance; Regulatory Framework and Incentives; Infrastructure and Operations and; Investment Promotion and Public Relations. These workstreams will be resourced with members of the LIFC Council as well as relevant professionals from the FPS sector in Nigeria and globally.
 
The Council unanimously resolved to continue to promote diaspora investor confidence through the promulgation of an enabling and conducive business environment and articulated its plans to engage the diaspora community through a structured unit of the LIFC. 
   
Similarly, the Council unanimously agreed to continue to foster collaborations with other international financial centres, regulatory bodies and relevant organisations to further promote knowledge sharing, best practices and global integration.

It also reviewed its participation at the Lord Mayor’s Show which was held in London, UK last November as well as the stakeholder meetings with the international business community which culminated in the InvestLagos Reception. 
 
The InvestLagos Reception is a high-profile event designed to promote the unique advantages and opportunities in Lagos to potential investors. Given the positive outcomes of the InvestLagos Reception, the Council agreed to establish the InvestLagos Reception as an annual event, and to this end, InvestLagos 2024 will be held in November 2024.