Sanwo-Olu: Lagos fully committed to fostering market-driven, innovation-led financial sector

Lagos State Governor, Babajide Sanwo-Olu, on Tuesday said the State Government is fully committed to fostering a market-driven, innovation-led financial sector.

He said the Lagos State Government, through the Lagos International Financial Centre, which is being established in collaboration with EnterpriseNGR and other key stakeholders, will create an enabling environment that supports seamless trading, attracts foreign investment, and enhance the competitiveness of the financial markets. 

Governor Sanwo-Olu spoke during an important meeting with licensed exchanges and key stakeholders on the Lagos International Financial Centre (LIFC) project, held at Lagos House, Marina, on Tuesday.

The high-level engagement with licensed exchanges is a strategic step towards reinforcing Lagos as Africa’s leading financial hub. By addressing current market challenges and fostering strong government-private sector collaboration, the initiative will enhance capital market growth, attract global investments, and drive financial sector innovation in Lagos.

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Sanwo-Olu, who is the co-Chairman of the LIFC Project, alongside Aigboje Aig-Imoukhuoede, said the collaboration between the Lagos State Government, EnterpriseNGR, and other key stakeholders on the LIFC project is a testament to the collective commitment to strengthening Lagos’ position as Africa’s premier financial hub.

He said: “As Nigeria’s largest economic and financial centre, Lagos plays a critical role in driving the nation’s capital markets. Our licensed exchanges are at the heart of this ecosystem, facilitating investment flows, enhancing market liquidity, and promoting financial literacy. 

“The Lagos State Government is fully committed to fostering a market-driven, innovation-led financial sector. Through the LIFC project, in collaboration with EnterpriseNGR and other key stakeholders, we aim to create an enabling environment that supports seamless trading, attracts foreign investment, and enhances the competitiveness of our financial markets. 

“This initiative will not only strengthen our market infrastructure but also unlock new opportunities for public-private partnerships in technology and capital market development.”

Also speaking, the Co-Chairman of the LIFC Project, Aigboje Aig-Imoukhuede, charged the CEOs of Licensed Exchanges – Nigerian Exchange Group (NGX), FMDQ Group Plc., NASD OTC Security Exchange Limited, and Lagos Commodities and Future Exchange (LCFE)—to align global best practices with the Lagos financial ecosystem.

Aigboje Aig-Imoukhuede said the LIFC would be a game changer and therefore tasked the Licensed Exchanges in Nigeria to employ various strategies to enhance liquidity, innovation, and market depth.

Speaking during the meeting, the CEOs of Licensed Exchanges, expressed their commitment toward the success of the LIFC project to attract more investments into the State and ensure Lagos continues to lead as Nigeria’s financial epicentre.

During the meeting, which lasted for over two hours, participants provided firsthand insights into the challenges and proposed solutions that will shape the future of Lagos as a world-class financial centre. 

They also made recommendations that will help shape policies that enhance the financial markets and drive economic prosperity, as well as make Lagos a globally recognised financial powerhouse.