Lagos financial centre will boost revenue – Commissioner
The Lagos State Government has explained the imperative of setting up the Lagos International Financial Centre, reiterating that the initiative will boost revenue, create employment and foster overall development in Lagos.
The state government, in partnership with EnterpriseNGR under the platform of the Lagos International Financial Council, on Monday signed a Memorandum of Understanding with TheCityUK and the Foreign Commonwealth and Development Office for the development of the LIFC.
While speaking on Wednesday at the Ministry of Finance building, Alausa, Ikeja, the state Commissioner for Finance, Abayomi Oluyomi, explained that foreign and domestic investors would leverage on the initiative of the LIFC to situate their businesses in Lagos and help increase the state revenue.
Oluyomi said, “We found out that the gap we have in infrastructure in Lagos is about N10tn. When you look at our 2025 budget, it’s about N3.3tn; that budget cannot even finance the gap. About 70% of our revenue is from internally generated revenue, and the 30% is from other sources like federal transfers.
“So for the audacious ambition we have in Lagos, we know it is predicated on functional infrastructure. So we need something that will push us up, that will give us serious rapid progress, and that is capital, and where do we see capital coming from? It’s from international investors, global investors. The engine for these global investors is the LIFC. With the LIFC, that kind of growth we’re looking for is achievable.”
While speaking, the Director, International Development of TheCityUK, Anna Rogers, explained the entity’s ability to assist Lagos in making the LIFC dream come true, stressing its experience in similar capacities in Dubai and other cities across the globe.
Rogers sought effective legislation and regulation of the LIFC to put confidence in the minds of the investors.
She said, “No journey is the same for the creation of the LIFC, and every country has a different journey. It’s about making it unique to attract investments to the country. The private sector not only needs capital, it needs trust, it needs confidence and transparency, and it needs a legal and regulatory environment.
“So the ‘why’ is the most important thing because if we don’t have the why, we may not succeed. We want to make sure that Lagos State and Nigeria know exactly what they are doing, why they are doing it and what they are doing it for.
“It is very encouraging to see such a strong commitment. To be successful, there is a need for that championship and need for a sustained momentum for the implantation of the LIFC.”
On his part, the Commissioner for Economic Planning and Budget, Ope George, while giving the highlight of the state economic model, said the LIFC “will position Lagos as a world-class financial hub, attracting global capital and helping enhance trade deals.
“We are very key about ensuring that the LIFC is about people, about creating high value jobs, upskills and financial workforce and ensuring border access to wealth creation and opportunities.”
The event was also graced by the Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose, as well as the Commissioner for Information and Strategy, Gbenga Omotoso; CEO EnterpriseNGR, Mrs Obi Ibekwe, among other critical stakeholders.
