The Federal Government has formally inaugurated the National Steering Committee of the Lagos International Financial Center (LIFC) Initiative, marking a major milestone in Nigeria’s drive to establish a globally competitive financial center in Africa.
Secretary to the Government of the Federation, Senator George Akume, inaugurated the committee at a ceremony held on Wednesday in Abuja, according to a statement by the Head of the Department of Information and Public Relations, Chris Ugwuegbulam.
Akume explained that LIFC is 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.
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“The establishment of the LIFC presents an opportunity to leverage the strategic position of Lagos and the economic potential of Nigeria to create a financial center of international standing,” he said.
He noted that His Excellency, President Bola Ahmed Tinubu, GCFR, has endorsed the LIFC Initiative as a strategic national economic priority and has directed the Office of the Secretary to the Government of the Federation to coordinate Federal Government support for its implementation.
The Committee, he added, brings together key institutions of the Federal Government, Lagos State Government and private sector stakeholders to ensure effective coordination in addressing political, legal, regulatory, institutional and infrastructure issues critical to the success of the Centre.
He urged members to approach the task with commitment and urgency, emphasizing that the success of the LIFC will depend on a strong whole-of-government approach and effective partnership between the Federal Government, the Lagos State Government and the private sector.
The SGF congratulated all members and wished the Committee a successful and impactful participation, while assuring it of the full support of its Office to facilitate the fulfillment of its mandate.
The National Steering Committee is composed as follows: President, Secretary to the Government of the Federation, Senator George Akume CON; Co-Chairman: Governor of Lagos State, Babajide Sanwo – Olu.
Shadow President: Permanent Secretary (GSO) OSGF, Dr. Ibrahim Abubakar Kana, mni, DRM, Shadow Co-President: Hon. Commissioner for Finance, Lagos State Government, Mr. Abayomi Oluyomi.
Others are: Honorable Minister of Finance and Coordinating Minister of Economy – Taiwo Oyedele; Honorable Attorney General of the Federation and Minister of Justice – Lateef Fagbemi, SAN; Honorable Minister of Foreign Affairs, Ambassador. Bianca Odumiegwu-Ojukwu; The Honorable Minister of Home Affairs of Nigeria is Dr. Olubunmi Tunji-Ojo; Honorable Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, MFR; Honorable Minister of Communications, Innovation and Digital Economy, Dr. ‘Bosun Tijani; the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso; the Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama; The Chief Executive Officer of the Nigerian Revenue Service (NRS), Dr. Zacch Adedeji, and the Chairman of EnterpriseNGR, Aigboje Aig-Imoukhuede.
The members of the Secretariat are: Director of Legal Services (OSGF), Mrs. Kamilatu M. Kida and Director General of EnterpriseNGR, Mrs. Obi Obiekwe.
The highlight of the inauguration ceremony was an elaborate briefing and presentation by the Co-Chairman of the Committee and Executive Governor of Lagos State, Babajide Sanwo-Olu.
He explained that International Financial Centers are deliberate instruments of national economic strategy: trusted jurisdictions created to mobilize long-term capital, deepen markets and connect national opportunities with global capital. Its foundations are institutional trust, regulatory quality, legal certainty and international connectivity.
LIFC, he explained, can become the trusted platform through which Nigeria competes for global capital and through which capital accesses African opportunities.
The Committee, the Governor added, brings together key institutions of the Federal Government, Lagos State Government and private sector stakeholders “represented by EnterpriseNGR” to ensure effective coordination in addressing political, legal, regulatory, institutional and infrastructure issues critical to the success of the Centre..
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