Nigeria to Leverage Lagos’ Strategic Position to Attract Investments

By Adedapo Adesanya

The federal government has said it will leverage Lagos’ strategic position and economic potential to attract more domestic and foreign investments as part of efforts to establish the state as a globally competitive international financial centre.

The Secretary to the Government of the Federation (SGF), Mr George Akume, disclosed this on Wednesday in Abuja while inaugurating the National Steering Committee for the Lagos International Financial Centre (LIFC) Initiative.

Mr Akume said the initiative was designed to strengthen Nigeria’s position in the global financial ecosystem by deepening the country’s capital markets, attracting investment, promoting financial innovation and supporting sustainable economic growth.

According to him, Lagos’ strategic location, economic importance and existing financial infrastructure provide a strong foundation for the development of an international financial centre capable of competing with established financial hubs around the world.

“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.

He said President Bola Tinubu had endorsed the LIFC as a strategic national economic priority and directed the Office of the SGF to coordinate Federal Government support for its implementation.

Mr Akume explained that the steering committee brings together key Federal Government institutions, the Lagos State Government and private sector stakeholders to address the policy, legal, regulatory, institutional and infrastructure requirements necessary to position Lagos as a globally competitive financial hub.

He stressed that attracting international capital would require strong collaboration among the Federal Government, Lagos State and private sector, urging members of the committee to approach the assignment with commitment and urgency.

The Lagos State Governor, Mr Babajide Sanwo-Olu, who serves as Co-Chairman of the committee, said international financial centres were deliberate instruments of economic strategy capable of mobilising long-term capital, deepening financial markets and connecting domestic opportunities with global investors.

Mr Sanwo-Olu identified institutional trust, regulatory quality, legal certainty and international connectivity as critical foundations for the success of the LIFC initiative.

He said the proposed centre could provide Nigeria with a platform to compete more effectively for global capital while giving international investors greater access to investment opportunities across Africa.