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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
One Rescued, Bandit Killed as troops Repel Attack in Zamfara
By Zagazola Makama
The troops of Operation FANSAN YANMA have rescued one kidnapped victim and neutralised a suspected armed bandit following an attack on Dankabali Village in Talata Mafara Local Government Area of Zamfara State.
Security sources said the incident occurred at about 3:00 a.m. on April 30 when about 20 armed bandits on 10 motorcycles invaded the community in Kagara District and abducted four residents.
The sources disclosed that the abducted persons were identified as Ladan Mani Sarkin Diya, Halima Mani, Rabiatu Muhammad, and Karima Muhammad.
According to the sources, the troops under Operation Fansar Yamma and the police joint tactical team was mobilised immediately after receiving the distress call and commenced search-and-rescue operations.
They added that during a combing operation in a nearby forest, the joint forces made contact with the bandits, leading to an exchange of fire in which one bandit was neutralised.
The sources further said one of the abducted victims, Ladan Mani Sarkin Diya, was successfully rescued unharmed, taken to the General Hospital in Talata Mafara for medical examination, and later reunited with his family.
They noted that ongoing operations are aimed at rescuing the remaining three victims and apprehending the fleeing suspects.
Security presence has since been reinforced in the Dankabali axis, while surveillance and patrols have been intensified to prevent further attacks.
One Rescued, Bandit Killed as troops Repel Attack in Zamfara
Troops Foil Bandits’ Attack, Recover 27 Rustled Animals in Sokoto
By Zagazola Makama
The troops of Operation FANSAN YANMA have foiled an attempted attack by suspected Lakurawa bandits and recovered 27 rustled animals in Silame Local Government Area of Sokoto State.
Security sources said the incident occurred at about 8:00 p.m. on May 1 when a large number of armed bandits invaded Gumki and Zeringo-Gande villages, firing sporadically and rustling domestic animals.
The sources disclosed that upon receiving the distress the troops swiftly mobilised and blocked routes leading to the bandits’ camp in Zamori forest.
According to the sources, the troops engaged the attackers in a gun duel, overpowering them and forcing their retreat toward the Niger Republic border.
They added that all 27 rustled animals were successfully recovered and would be returned to their rightful owners.
The sources further confirmed that no casualties or injuries were recorded among security personnel during the operation.
Security presence has since been reinforced in the area, with continuous patrols to prevent further incursions.
Troops Foil Bandits’ Attack, Recover 27 Rustled Animals in Sokoto
Teenager Dies After Fight with Neighbour in Yobe Community
By Zagazola Makama
A 14-year-old boy, Musa Umar, has died following a violent altercation with a neighbour in Jama’are village via Fika in Yobe State.
Security sources said the incident occurred on April 30 at about 10:00 p.m. when Musa engaged in a fight with another minor, Adamu Yusuf, 12, during which he was struck on the head with a stick.
The sources disclosed that the injured boy was initially rushed to Gadaka General Hospital for treatment before being referred to Fika General Hospital due to the severity of his condition.
According to the sources, Musa died on the way to the referral hospital and was later certified dead by a medical doctor.
They added that the body was documented and released to the family for burial following necessary procedures.
The sources further said efforts are ongoing to apprehend the suspect, while investigations have commenced to determine the circumstances surrounding the incident.
Teenager Dies After Fight with Neighbour in Yobe Community
One Rescued, Bandit Killed as troops Repel Attack in Zamfara
One Killed, Two Injured in Communal Clash in Niger
Troops Foil Bandits’ Attack, Recover 27 Rustled Animals in Sokoto
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