The Federal Government on Wednesday formalized a coordinating body to shepherd the Lagos International Financial Centre initiative, a move aimed at positioning the country’s commercial capital as a major African finance hub.
At an inauguration ceremony in Abuja, Secretary to the Government of the Federation (SGF) George Akume said the newly constituted National Steering Committee will “work collectively to create a globally competitive financial ecosystem” by deepening capital markets, attracting investment and fostering financial innovation.
A statement by the Head of Information and Public Relations Department office
of the SGF Chris Ugwuegbulam
Head, Information and Public Relations Department, Akume said President Bola Tinubu has endorsed the LIFC as a strategic national economic priority.
The statement said the President has ordered the SGF to coordinate federal support for the plan.
“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 added.
The committee unites federal ministries and agencies, Lagos State officials and private-sector representatives to tackle policy, legal, regulatory, institutional and infrastructure challenges seen as critical to the centre’s success. The government described the panel as a mechanism to ensure cohesive implementation across jurisdictions and to present a single, investable vision to domestic and international capital.
He urged members to approach the assignment with commitment and urgency, emphasizing that the success of the LIFC will depend on a strong whole-of-government approach and effective partnership between the Federal Government, Lagos State Government, and the private sector.
The SGF assured the Committee of the full support of his Office in facilitating the discharge of its mandate.
The National Steering Committee is composed as follows: Chairman, Secretary to the Government of the Federation, Sen. George Akume Co-Chairman: Governor, Lagos State Babajide Sanwo – Olu.
Shadow Chair: Permanent Secretary (GSO) OSGF, Dr. Ibrahim Abubakar Kana, mni, DRM, Shadow Co-Chair: Hon. Commissioner for Finance, Lagos State Government, Mr. Abayomi Oluyomi.
Others are: Honourable Minister of Finance and Coordinating Minister of the Economy – Taiwo Oyedele; Honourable Attorney General of the Federation and Minister of Justice – Lateef Fagbemi, SAN; Honourable Minister of Foreign Affairs, Amb. Bianca Odumiegwu-Ojukwu; Honourable Minister of Interior of Nigeria is Dr. Olubunmi Tunji-Ojo; Honourable Minister of Industry, Trade and Investment Dr. Jumoke Oduwole, MFR; Honourable Minister of Communications, Innovation & Digital Economy, Dr. ‘Bosun Tijani; Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso; Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama; Executive Chairman of the Nigeria Revenue Service (NRS) Dr. Zacch Adedeji and EnterpriseNGR Chairman Aigboje Aig- Imoukhuede.
Members of the Secretariat are: Director of Legal Services (OSGF) Mrs. Kamilatu M. Kida and CEO, EnterpriseNGR, Ms. Obi Obiekwe.
The highpoint of the inauguration ceremony was an elaborate briefing and presentation made by the Co-Chairman of the Committee and the Executive Governor of Lagos State, Babajide Sanwo-Olu.
He explained that International Financial Centres are deliberate instruments of national economic strategy: trusted jurisdictions built to mobilise long-term capital, deepen markets and connect domestic opportunity to global capital. Their foundations are institutional trust, regulatory quality, legal certainty and international connectivity.
LIFC, he explained can become the trusted platform through which Nigeria competes for global capital — and through which capital accesses African opportunity.
The Committee, the Governor added, brings together key Federal Government institutions, the Lagos State Government, and private sector stakeholders *”represented by EnterpriseNGR”* to ensure effective coordination in addressing policy, legal, regulatory, institutional, and infrastructure issues critical to the Centre’s success.
The SGF congratulated all members and wished the Committee a successful and impactful engagement.
