On Monday, the Lagos State Government joined forces with EnterpriseNGR through the Lagos International Financial Council (LIFC) MoU signing ceremony. This event brought together representatives from the City of London as well as officials from the United Kingdom’s Foreign, Commonwealth, and Development Office (FCDO). The purpose was to collaborate on establishing an international financial center in Lagos aimed at boosting economic progress within the region.
Governor Babajide Sanwo-Olu, who concurrently holds the position of Chairman of LIFC, along with the Co-Chairperson of LIFC and Chairman of Access Holdings, Mr. Aigboje Aig-Imoukhuede, observed the signing ceremony conducted by the State Commissioner for Finance, Mr. Yomi Oluyomi; the Chief Executive Officer of EnterpriseNGR, Mrs. Obi Ibekwe; the Head of Eurasia, Middle East, and Africa at The City UK, Chika Mourah; and the Director of International Development at The City UK, Anna Rogers.
Among those present at the signing were representatives such as Mr Simon Field, the Chargé d’Affaires of the British Deputy High Commission in Lagos; Mrs Bimbola Salu-Hundeyin, the Secretary to the Lagos State Government; and Mr Bode Agoro, the Head of Service, along with several others.
During his speech at the event, Governor Sanwo-Olu affirmed his administration’s dedication to establishing the Lagos International Financial Centre. He called upon all attendees for their backing to turn this aspiration into a tangible achievement.
The governor stated that the signing of the Memorandum of Understanding marked the start of a new phase in setting up LIFC and transforming Lagos into the first international financial center in Sub-Saharan Africa.
As he puts it, this step isn’t solely focused on Lagos; rather, it aims at positioning Nigeria—as well as domestic and foreign investors—”on a platform where business operations can thrive more effectively, fostering an environment characterized by greater predictability and reliability within this region’s financial sector.”
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“We are adapting our concept and project so we can showcase both Lagos and, consequently, Nigeria as part of the global list of cities featuring international financial hubs,” he stated.
Governor Sanwo-Olu showed gratitude to all the collaborators for providing both financial and technical backing toward setting up an International Financial Centre in Lagos.
Earlier, the Co-Chairman of LIFC, Mr Aig-Imoukhuede, praised Governor Sanwo-Olu and his team for their bravery in advancing the vision of the LIFC, stating that “The contribution of Babajide Sanwo-Olu to Lagos State benefits not only the state but also participants in the capital markets.”
Aig-Imoukhuede characterized the Memorandum of Understanding (MoU) as a crucial milestone for the development of the Lagos International Financial Centre project, emphasizing that Nigeria was nearing its goal of establishing this center in Lagos.
“Today, we bear the banner of Lagos State, Nigeria, and by extension, Africa. We are moving towards the promised land of establishing an international financial hub in Lagos and for Nigeria,” he stated.
The Chairperson of Access Holdings also praised the media for providing fair and informative coverage, encouraging them to increase such efforts. They called upon the media to continue offering unwavering support in all aspects.
Additionally, Rogers from TheCityUK as the Director of International Development stated that this collaboration aims to unite all parties involved in making Lagos a prominent powerhouse across Africa.
Rogers conveyed the enthusiasm of the UK city about participating in this endeavor, calling the Lagos State Government’s choice truly praiseworthy.
The United Kingdom’s city takes great pride in serving as a strategic ally for the establishment of the Lagos International Financial Centre. We find the choice made by the Lagos State Government truly praiseworthy, and we are enthusiastically looking forward to being an integral part of this venture.
“We are delighted that through our partnership, we’ll continue to provide an avenue for UK and Nigerian financial professional services practitioners, policymakers, and regulators to share knowledge on best practices in areas such as corporate governance, financial services, regulation, technology, innovation, and many others.
“These initiatives will result in heightened trade activities along with greater investments and collaborations between the two nations and on a global scale,” she asserted.
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