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Lagos Moves to Build West Africa’s Leading International Financial Centre
Lagos Moves to Build West Africa’s Leading International Financial Centre
By: Michael Mike
Lagos State has taken a major step toward repositioning Nigeria as a global investment destination with the unveiling of a comprehensive roadmap to establish a Lagos International Financial Centre (LIFC), envisioned as the leading financial hub in West Africa.
The roadmap is contained in a new report titled “Establishing an International Financial Centre in Lagos (LIFC), Nigeria”, produced by TheCityUK in collaboration with the UK Government, Lagos State Government, the Lagos International Financial Centre Council (LIFCC), and EnterpriseNGR. The report was formally launched at the State House, Marina, Lagos.

The high-level event attracted senior government officials, diplomats, and private sector leaders, including Lagos State Governor Babajide Sanwo-Olu, British Deputy High Commissioner to Nigeria Jonny Baxter, EnterpriseNGR Chairman Aigboje Aig-Imoukhuede, and EnterpriseNGR Chief Executive Officer Obi Ibekwe.
The initiative is aligned with Nigeria’s Agenda 2050 and the Lagos State Development Plan 2052, positioning the LIFC as a long-term catalyst for economic transformation. According to the report, the proposed financial centre will deepen capital markets, mobilise international investment, drive innovation, and support sustainable economic growth across Lagos, Nigeria, and the wider West African region.
The report underscores the importance of strong public-private collaboration, noting that Lagos’ demographic advantage, expanding financial ecosystem, and strategic location make it well-suited to host an international financial centre that meets global standards.
One of the report’s core recommendations is the creation of an independent IFC framework for Lagos. This model would provide regulatory certainty, simplified tax and policy regimes, and a transparent governance structure aimed at improving investor confidence and enhancing Nigeria’s competitiveness in global finance.
To differentiate Lagos from other emerging financial centres, the report identifies three priority sectors for initial focus: green and sustainable finance, fintech and financial innovation, and commodities trading and capital markets. These sectors are considered critical to Nigeria’s future economic diversification and resilience.

The report also highlights the need for robust legal and regulatory reforms, calling for close coordination between Lagos State, the Federal Government, regulators, and the private sector to ensure smooth implementation of the LIFC vision.
Human capital development is another key pillar of the strategy. Recommendations include strengthening local talent pipelines, easing visa requirements for international professionals, and creating an enabling environment that supports skills transfer and high-value job creation for Nigeria’s growing youth population.
In addition, the report proposes competitive and targeted tax incentives, streamlined business processes, and investment-friendly policies designed to attract long-term capital aligned with national development priorities.
Speaking at the launch, Governor Babajide Sanwo-Olu reaffirmed Lagos State’s commitment to the project, describing the International Financial Centre as essential to boosting market competitiveness and facilitating seamless trading.
“Lagos is Nigeria’s largest economic and financial centre, and we must create an ecosystem that attracts investment, improves liquidity, and strengthens market infrastructure,” the governor said, adding that the LIFC would unlock new opportunities for public-private partnerships in technology and capital market development.
British Deputy High Commissioner Jonny Baxter said the report reflects the deepening UK-Nigeria partnership, combining Lagos’ strengths with UK expertise to support financial sector development.
He noted that, if effectively implemented, the LIFC could unlock significant domestic and international investment, expand capital markets, create jobs, and promote sustainable growth beyond Lagos State.
Also speaking, TheCityUK’s Managing Director for International, Nicola Watkinson, described Nigeria as a high-growth market with strong long-term potential. She said the LIFC could play a vital role in attracting global capital, supporting fintech and green finance innovation, and creating high-value employment opportunities for young Nigerians.
With the launch of the report, stakeholders say the focus now shifts to implementation, as Lagos seeks to translate vision into action and establish itself as a globally competitive financial centre for West Africa.
Lagos Moves to Build West Africa’s Leading International Financial Centre
News
Galadima Commends Military, Security Agencies Over Rescue of 18 Kidnap Victims in Ibi
Galadima Commends Military, Security Agencies Over Rescue of 18 Kidnap Victims in Ibi
By Zagazola Makama
The Peoples Democratic Party (PDP) House of Representatives candidate for Wukari/Ibi Federal Constituency, TPL Mukhtar Usman Galadima, has commended the Nigerian military, other security agencies and the Federal Government for the successful rescue of 18 kidnapped victims in Ibi Local Government Area of Taraba State.
Galadima, reacting to reports of the rescue, described the operation as a significant demonstration of the commitment of the security forces to protecting lives and restoring peace in communities affected by criminal activities. He particularly applauded the troops of Sector 3 deployed in Ibi for responding swiftly to reports of kidnapping activities at Kwatan Bajji in the early hours of August 18, leading to the recovery of the victims.
The PDP candidate said the successful operation should reassure residents of Wukari/Ibi Federal Constituency that security forces remain committed to confronting criminal elements and protecting communities. He urged the rescued victims and their families to remain hopeful while calling on security agencies to sustain and intensify operations in vulnerable communities across the constituency and Taraba State.
Galadima, however, stressed the need for stronger inter-agency cooperation and improved intelligence-sharing among the military, police and other security and intelligence agencies. He said security operations would become more effective when relevant agencies work closely together to identify threats, track criminal networks and disrupt their activities before they are able to carry out attacks.
He also called for stronger legislation and institutional support to enhance the operational and intelligence-gathering capabilities of the Armed Forces and other security agencies. According to him, the objective should not only be to respond to kidnapping and other violent crimes after they occur, but to develop the capacity to anticipate and prevent such incidents long before they happen.
The Wukari/Ibi candidate said improved legislation, better intelligence infrastructure, modern surveillance capabilities and sustained support for security personnel would strengthen the ability of the nation’s security architecture to respond to emerging threats. He noted that protecting rural communities requires a proactive security strategy capable of detecting criminal movements and networks before they pose a danger to residents.
Galadima equally appealed to residents of Wukari/Ibi Federal Constituency to see themselves as partners in the fight against insecurity. He urged community leaders, traditional institutions, youths and residents to maintain close cooperation with security agencies and provide timely and credible information whenever they notice suspicious movements or activities.
He cautioned residents against withholding useful information out of fear or reluctance, stressing that early reporting can make the difference between preventing a crime and responding to its consequences. He also urged security agencies to protect the confidentiality of credible informants and strengthen community-based intelligence networks.
While commending the Federal Government for supporting ongoing security operations, Galadima said sustained investment in the welfare, equipment, intelligence and operational capacity of security personnel remains essential to achieving lasting peace.
He expressed optimism that with stronger collaboration between security agencies and local communities, improved legislation and greater government support, kidnapping and other forms of criminality can be significantly reduced across Wukari, Ibi and other vulnerable parts of Taraba State.
The candidate congratulated the 18 rescued victims and their families, and urged security forces not to relent until all criminal elements operating in the area are identified and brought to justice.
Galadima Commends Military, Security Agencies Over Rescue of 18 Kidnap Victims in Ibi
News
Troops Arrest Five Suspected Terrorist Logistics Suppliers in Borno
Troops Arrest Five Suspected Terrorist Logistics Suppliers in Borno
By Zagazola Makama
MAIDUGURI — Troops of the Nigerian Army, in collaboration with members of the Civilian Joint Task Force (CJTF), have arrested five female suspected terrorist logistics suppliers in Ngurusoye village, Borno State.
The suspects were intercepted at about 6:48 p.m. on Aug. 17 by troops of 151 Task Force Battalion deployed in the area, following intelligence on their activities.
The suspects were identified as Falmata Jibrin, 53; Hajja Zaragon, 50; Falmata Ali, 50; Inagana Modu, 30; and Falmata Abubakar, 13.
Security sources told Zagazola Makama that troops recovered various items from the suspects, including 65 packs of sweet candies, 117 packs of biscuits and 167 sachets of Dangote salt, among other assorted provisions.
The suspects and recovered items have been handed over to 21 Special Anti-Banditry Mobile Police Regiment (21 SAB MOPOL) for further investigation and necessary action.
The arrests form part of ongoing intelligence-led operations by troops under Operation HADIN KAI and Operation DESERT SANITY V to disrupt terrorist logistics networks and deny insurgents access to food, supplies and other materials needed to sustain their activities.
Security sources said the overall situation across the theatre remained calm but unpredictable, while troops continued to maintain satisfactory morale and operational readiness.
Troops Arrest Five Suspected Terrorist Logistics Suppliers in Borno
News
Troops Arrest Two Suspected Terrorists, Recover Weapons in Adamawa
Troops Arrest Two Suspected Terrorists, Recover Weapons in Adamawa
By Zagazola Makama
Troops of Operation HADIN KAI, in collaboration with local hunters, have arrested two suspected terrorists and recovered weapons during an intelligence-led operation in Hong Local Government Area of Adamawa State.
The operation was conducted at about 10:15 a.m. on Aug. 16, by troops of B Company, 232 Battalion, Garaha, working with hunters.
The suspects were identified as Hyema Luka, 20, and Hyellaki Manasse, 47.
According to security sources, the operation followed credible intelligence that led troops to the suspects and their associates in the area.
Preliminary investigation revealed that Luka had sustained a gunshot wound to his right foot during an attack in Yau village, near Garaha, Hong LGA, on Dec. 24, 2025.
Further investigation reportedly led to the arrest of Manasse, who was allegedly treating the injured suspect at Bilamari village in Hong Local Government Area.
During preliminary questioning, Luka claimed that he was forcibly abducted by terrorists while working on his farm at Lamba village in Hong LGA sometime in 2025.
He reportedly told investigators that he was subsequently compelled to fight alongside the terrorist group.
Security sources said Luka escaped from the terrorist camp during the night of Aug. 14, 2026, before his eventual arrest.
Items recovered from the suspects include one mobile phone, one SIM card, two bows and arrows, one locally made sword and four locally fabricated firearms.
The suspects are currently in the custody of 232 Battalion for further investigation.
The latest operation forms part of sustained intelligence-led efforts by troops under Operation HADIN KAI and Operation DESERT SANITY V to identify and dismantle terrorist networks operating across the North East.
Security sources said the situation across the theatre remained calm but unpredictable, while troops continued to maintain high operational readiness across their areas of responsibility.
Troops Arrest Two Suspected Terrorists, Recover Weapons in Adamawa
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