Olawale Ajimotokan in Abuja
As part of Nigeria’s drive to establish a globally competitive financial hub in Africa, the federal government yesterday inaugurated the National Steering Committee for the Lagos International Financial Centre (LIFC) initiative mandated to create a globally competitive financial ecosystem.
Secretary to the Government of the Federation (SGF), Senator George Akume, at the inauguration described LIFC as a strategic initiative designed to deepen Nigeria’s capital markets, attract domestic and foreign investment, promote financial innovation, and strengthen the country’s financial ecosystem for sustainable economic growth.
Akume stated, “The establishment of the LIFC presents an opportunity to leverage Lagos’ strategic position and Nigeria’s economic potential to create a financial centre of international standing.”
He said the LIFC initiative was endorsed by President Bola Tinubu as a strategic national economic priority, adding that the president has further directed the Office of the Secretary to the Government of the Federation (OSGF) to coordinate government’s support for its implementation.
Akume stated that the committee was composed of key federal government institutions, Lagos State Government, and private sector stakeholders to ensure effective coordination in addressing policy, legal, regulatory, institutional, and infrastructure issues critical to the centre’s success.
The SGF charged the members to approach the assignment with commitment and urgency, stressing that the ultimate success of LIFC will depend on a strong whole-of-government approach and effective partnership between the federal government, Lagos State Government, and the private sector.
Akume, who is Chairman of the committee, assured of the full support of his office in facilitating the discharge of its mandate.
Other members of the National Steering Committee include Lagos State Governor Babajide Sanwo-Olu (Co-Chairman); Permanent Secretary (GSO) OSGF, Dr. Ibrahim Abubakar Kana (Shadow Chair); and Lagos State Commissioner for Finance, Mr. Abayomi Oluyomi (Shadow Co-Chair).
Also on the committee are Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele; Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, SAN; Minister of Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu; Minister of Interior, Dr. Olubunmi Tunji-Ojo; Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole; and Minister of Communications, Innovation and Digital Economy, Dr. ‘Bosun Tijani.
There are also Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso; Director-General of Securities and Exchange Commission (SEC), Dr. Emomotimi Agama; Executive Chairman of Nigeria Revenue Service (NRS), Dr. Zacch Adedeji; and EnterpriseNGR Chairman, Aigboje Aig- Imoukhuede.
Members of the secretariat are Director of Legal Services (OSGF), Mrs. Kamilatu M. Kida, and CEO, EnterpriseNGR, Ms. Obi Obiekwe.
In his elaborate briefing and presentation, Sanwo-Olu described international financial centres as deliberate instruments of national economic strategy. He said the centres were trusted jurisdictions built to mobilise long-term capital, deepen markets, and connect domestic opportunity to global capital.
He explained that their foundations were institutional trust, regulatory quality, legal certainty, and international connectivity.
Sanwo-Olu said LIFC could become the trusted platform through which Nigeria would compete for global capital — and through which capital would accesses African opportunity.
He added that the committee was an amalgam of key federal government institutions, the Lagos State government, and private sector stakeholders, represented by EnterpriseNGR, to ensure effective coordination in addressing policy, legal, regulatory, institutional, and infrastructure issues critical to the centre’s success.
Akume congratulated all members and wished the committee a successful and impactful engagement.