Nigeria Sets Sights On Lagos As Africa’s Next Gateway For Global Capital
Dr. Nafisat Makinde, Abuja
The Federal Government has inaugurated a committee to oversee plans to develop Lagos into an international financial centre aimed at attracting global investment and expanding Nigeria’s capital markets.
The initiative was announced in a statement Wednesday by Chris Ugwuegbulam, Head of Information and Public Relations at the Office of the Secretary to the Government of the Federation.
Secretary to the Government of the Federation George Akume, who inaugurated the National Steering Committee for the Lagos International Financial Centre in Abuja, said the project would focus on attracting domestic and foreign investment, deepening capital markets and promoting financial innovation.
“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,” Akume said.
He said President Bola Ahmed Tinubu had endorsed the initiative as a national economic priority and directed the SGF’s office to coordinate federal support for its implementation.
The committee is chaired by Akume, with Lagos State Governor Babajide Sanwo-Olu as co-chairman. It brings together officials from the federal and Lagos state governments, financial regulators and private sector representatives to address the legal, regulatory, institutional and infrastructure requirements for the proposed centre.
Members include representatives of the ministries of Finance, Justice, Foreign Affairs, Interior, Industry, Trade and Investment, and Communications, Innovation and Digital Economy, as well as the Central Bank of Nigeria, Securities and Exchange Commission, Nigeria Revenue Service and EnterpriseNGR.
Sanwo-Olu said the project would require institutional trust, regulatory quality, legal certainty and international connectivity.
“LIFC can become the trusted platform through which Nigeria competes for global capital and through which capital accesses African opportunity,” he said.
Akume urged the committee to work with urgency and coordinate efforts among the Federal Government, Lagos State and the private sector as work begins on the framework for the proposed financial centre.