Ikeja, Nov. 4, 2023: Governor Babajide Sanwo-Olu of Lagos State signed Executive Order 3 on Friday at Ikeja to establish the Lagos International Financial Centre (LIFC) Council.
The council would help to align strategic partnerships that contribute to the economic prosperity of Lagos State and that of Nigeria.
Speaking at the inauguration of the council, Sanwo-Olu said its establishment was in furtherance of the objective to position Lagos as Africa’s premier financial centre.
He said the LIFC council was being propelled in partnership with EnterpriseNGR.
EnterpriseNGR is an advocacy group that promotes the growth and development of Nigeria’s Financial and Professional Services (FPS) sector as a catalyst for economic development.
Lagos State and EnterpriseNGR are poised to make history as Africa’s first participants to be invited to join the prestigious Lord Mayor’s Show 805th procession in London.
The governor, who chairs the Council, said the key objective of the historic participation in the Lord Mayor’s Show was to showcase the investment potential of Lagos State.
It is also to elevate Lagos State as a global investment destination, he added.
According to the governor, the council will help in establishing Africa’s premier International Financial Centre in Lagos in line with the economic recovery plans of the Federal Government.
“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 State 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, Professor 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,’’ Sanwo-Olu stressed.
He added that Lagos State’s and Nigeria’s enduring history with the United Kingdom reflected a proud Commonwealth partnership since Nigeria gained independence in 1960.
He said Nigeria remained 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 Nigeria’s dynamic and expanding economy,’’ the governor said.
In his remarks, EnterpriseNGR’s Chairman, Mr Aigboje Aig-Imoukhuede, who is Co-Chair of LIFC Council, said that EnterpriseNGR stood as a catalyst for transformative change in Nigeria’s FPS sector.
Aig-Imoukhuede said EnterpriseNGR’s vision extended beyond advocacy; as it was a commitment to incentivise investments that went beyond financial gains.
“As we embark on this historic delegation to showcase Lagos State on the global stage, we recognise the profound significance of attracting investments.
“Investment isn’t merely a transaction; it’s a catalyst for job creation, driving sustainable development and fostering a symbiotic relationship between investors, the state, and communities at large,’’ he said.
Also speaking, the Chief Executive Officer, EnterpriseNGR, Ms Obi Ibekwe, said its participation in the Lord Mayor’s Show underscored its critical role 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.
“The inauguration of the LIFC Council is a testament to our unwavering commitment to fostering strategic partnerships that contribute to the economic prosperity of Lagos and Nigeria,’’ Ibekwe said.