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🇳🇬 Nigeria /Economy & Trade

Nigeria Inaugurates Steering Committee for Lagos International Financial Centre

From ThisDay · () English

Translated from English and summarized by DistantNews. Read the original for the full story.

At a glance

News Named sources New plan
  • Nigeria inaugurated a committee to oversee the Lagos International Financial Centre initiative and coordinate government, Lagos State and private-sector participation.
  • Secretary to the Government of the Federation George Akume said the project would seek to deepen capital markets, attract domestic and foreign investment, and promote financial innovation.
  • President Bola Tinubu has endorsed the initiative as a national economic priority and directed the SGF’s office to coordinate implementation support.

Nigeria has formally begun coordinating the effort to turn Lagos into an international financial centre, with the federal government inaugurating a national steering committee for the initiative.

Secretary to the Government of the Federation George Akume, who chairs the committee, described the Lagos International Financial Centre as a strategic project for deepening Nigeria’s capital markets, attracting domestic and foreign investment, promoting financial innovation and strengthening the country’s financial ecosystem.

“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,” Akume said. He added that President Bola Tinubu had endorsed the initiative as a strategic national economic priority and directed the Office of the Secretary to the Government of the Federation to coordinate government support for its implementation.

The committee brings together federal institutions, the Lagos State Government and private-sector stakeholders. Its responsibilities include addressing policy, legal, regulatory, institutional and infrastructure issues considered important to the centre’s success. Akume urged members to approach the assignment with commitment and urgency, saying progress would depend on cooperation across government and with the private sector.

Lagos State Governor Babajide Sanwo-Olu will serve as co-chairman. Other members include Finance Minister Taiwo Oyedele, Attorney-General Lateef Fagbemi, Foreign Affairs Minister Bianca Odumegwu-Ojukwu, Central Bank Governor Olayemi Cardoso, Securities and Exchange Commission Director-General Emomotimi Agama, Nigeria Revenue Service Executive Chairman Zacch Adedeji and EnterpriseNGR Chairman Aigboje Aig-Imoukhuede. The secretariat includes OSGF legal services director Kamilatu Kida and EnterpriseNGR chief executive Obi Obiekwe.

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.

· George AkumeDescribing the initiative’s economic purpose at the committee’s inauguration.
About this summary

Originally published by ThisDay in English. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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