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From Juliana Taiwo-Obalonye, Abuja
President Bola Tinubu has launched a major push to position Nigeria as a destination for global capital, with the Federal Government and Lagos State targeting the first quarter of 2027 for the take-off of the Lagos International Financial Centre (LIFC).
The ambitious project, which Tinubu has endorsed as a national economic priority, is expected to deepen Nigeria’s capital market, attract international investment and provide some of the long-term financing required to bridge the country’s infrastructure deficit and drive its $1 trillion economy ambition.
But the government and regulators acknowledged on Wednesday that attracting global capital would require more than creating a financial centre, insisting that Nigeria must provide investors with legal certainty, credible regulation, institutional efficiency and protection against illicit financial flows.
The project moved from nearly two years of consultations and planning into the implementation phase with the inauguration of a National Steering Committee by Secretary to the Government of the Federation (SGF), George Akume, in Abuja.
The committee brings together the Federal Government, Lagos State, financial regulators and private-sector players to build a financial ecosystem capable of competing with established international centres for investment.
Akume said Tinubu had personally endorsed the initiative and directed his office to coordinate Federal Government support for its implementation. “The establishment of the LIFC is a strategic initiative designed to deepen Nigeria’s capital markets, attract domestic and international investment, promote financial innovation, strengthen our financial ecosystem and contribute to sustainable economic growth.”
He charged the committee to urgently resolve policy, legal, regulatory, institutional and infrastructure challenges that could impede the centre.
“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,” Akume said.
The SGF chairs the committee, with Lagos State Governor, Babajide Sanwo-Olu, as co-chair.
Sanwo-Olu said the project should be insulated from political transitions and built as an enduring national institution.
“I have less than 265 days to go as Governor. No matter how good I may be, or how many people call me their Governor, on May 29, 2027, I will take a bow. I do not intend to stay one day longer,” he said.
“But the pride of any leader is to leave behind institutions that will outlive them—to leave policies, projects and programmes that will give direction long after they have left office.”
He described the LIFC as “strategic national infrastructure,” stressing that its benefits should extend beyond Lagos and the lifespan of his administration.
Sanwo-Olu also sought to allay concerns that the proposed centre could become a conduit for questionable funds or provide investors with an avenue to evade regulation.
“It is not a tax haven. It is not a place for regulatory arbitrage or bypassing compliance requirements. It is not a safe haven for illicit funds,” he said.
Rather, he said, Nigeria wanted to build a trusted platform capable of competing for international investment.
“Capital goes where it feels safe, where it can grow and where there is confidence in the environment,” he said.
Chairman of EnterpriseNGR, Aigboje Aig-Imoukhuede, said Nigeria’s need for capital made it imperative to create an environment in which international investors were comfortable committing their money for the long term.
“Nigeria is powerful, and Nigeria needs capital,” he said.
“Capital is perhaps the most discerning visitor that I know. I call it a visitor because it can come and stay permanently, but it can also leave very quickly.
“Capital goes where it feels safe. It goes where it believes it can grow. It goes where it feels comfortable.”
Aig-Imoukhuede said almost two years of consultations had gone into the project, with its strategic blueprint completed and KPMG engaged to develop the detailed business plan, institutional operating model and implementation economics.
He identified four conditions Nigeria must satisfy to compete effectively for global capital — legal and regulatory certainty, quality regulation, responsive institutions and sufficiently deep financial markets.
According to him, Nigeria already has institutions with many of those attributes, but their collective interaction does not always inspire the level of confidence international investors require.
He dismissed suggestions that the financial centre would primarily benefit Lagos, saying investment attracted through the city could ultimately finance projects in agriculture, technology, infrastructure and other sectors nationwide.
“This is a national assignment. The benefits of this project will go far beyond Lagos,” he said.
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“Pools of capital may enter Nigeria through Lagos, but I do not see them remaining only in Lagos.”
Aig-Imoukhuede said the initiative could also generate high-value employment, strengthen the formal economy, increase tax revenues and accelerate economic growth.
He disclosed that the project was approaching its third and final phase ahead of the proposed take-off.
“Our desire is to have the launch in the first quarter of 2027. It will be a globally anticipated event,” he said.
Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, identified legal certainty as fundamental to winning investor confidence.
“When an investor is considering where to invest, one of the first things they ask about is the legal regime. Beyond every other consideration, investors want to know the nature and certainty of the laws governing their investments. That gives them confidence and assurance,” he said.
Fagbemi said the government would immediately identify laws requiring amendment, enhancement or repeal, while ensuring that the framework respected Nigeria’s federal structure and the constitutional powers of states.
Minister of Industry, Trade and Investment, Jumoke Oduwole, said the LIFC could become a major catalyst for Tinubu’s target of growing Nigeria into a $1 trillion economy by 2030.
“Indeed, the $1 trillion economy target for 2030, as set by Mr President under the Renewed Hope Agenda, could potentially be achieved even before then with interventions such as this,” she said.
Oduwole, however, cautioned that achieving the ambition would require difficult reforms and closer coordination among ministries, regulators and other government institutions.
She said Nigeria might have to adopt separate processes, legislation and regulations for the centre to make it internationally competitive.
“Other countries have successfully implemented similar models. If we are organised and deliberate, this is a system that can work very well for Nigeria,” she said.
She also disclosed that Tinubu had approved a steering committee for a proposed Digital Free Zone, expected to be the first of its kind in Africa, with both initiatives being aligned to complement each other.
The Central Bank of Nigeria (CBN), while throwing its weight behind the LIFC, warned that the drive to attract international capital must not open loopholes for money laundering, terrorism financing or regulatory arbitrage.
CBN Deputy Governor, Economic Policy Directorate, Philip Ikeazor, said Lagos was naturally positioned to host the centre because of its longstanding status as Nigeria’s commercial and financial capital.
He said international investors had continued to demonstrate interest in Nigeria despite periods of heightened global economic and geopolitical uncertainty.
“That confidence is there. The market believes in us. The global market believes in us.
“What we need to do now is put the necessary fundamentals in place,” Ikeazor said.
He said the CBN was “fully aligned” with the project and would deploy an in-house team to work with other stakeholders towards its delivery.
The apex bank, however, identified regulatory integrity as a red line.
“One of our major concerns from the beginning has been to ensure that there is no regulatory arbitrage.
“We must also ensure that the initiative does not create heightened risks relating to anti-money laundering and countering the financing of terrorism,” Ikeazor said.
He identified virtual assets, foreclosure and speedy resolution of commercial disputes among legal and regulatory areas requiring attention before the centre becomes operational. “The world is watching,” he warned.
The CBN expects a substantial part of the legal, economic and regulatory groundwork to be completed ahead of the proposed first-quarter 2027 take-off.
The steering committee comprises key economic ministries and regulators, including Finance, Justice, Foreign Affairs, Interior, Industry, Trade and Investment, Communications, Innovation and Digital Economy, as well as the CBN, Securities and Exchange Commission and Nigeria Revenue Service.
With the inauguration, the LIFC has crossed from conception into implementation. The bigger test now is whether Nigeria can translate the ambition into the legal certainty, regulatory credibility and institutional trust needed to persuade global investors not merely to bring their capital into the country, but to keep it there.
