Lagos, City of UK sign MoU for International Financial Centre development

The Lagos State Government has signed a Memorandum of Understanding (MoU) with the City of UK and the Foreign Commonwealth and Development Office (FCDO) for the development of an International Financial Centre in Lagos.

The agreement, signed on Monday under the Lagos International Financial Council (LIFC), involves collaboration between the Lagos State Government and EnterpriseNGR.

The signing was witnessed by Babajide Sanwo-Olu, the governor of Lagos and LIFC chairman; Aigboje Aig-Imoukhuede, co-chairman of LIFC and chairman of Access Holdings; Simon Field, charge d’Affaires at the British Deputy High Commission in Lagos; and other officials from Lagos State and the UK financial sector.

Speaking at the event, Sanwo-Olu said the MoU marks the next phase in establishing Lagos as an international financial centre.

“The signing of the MoU signposts the beginning of another level of engagement in establishing Lagos International Financial Centre and making Lagos the first in sub-Saharan Africa that will get an international financial centre,” he said.

He said the initiative is aimed at providing a structured financial environment that supports both local and international investors.

“It is not just about us; it is about the conversation of putting our country and both local and international investors on a platform that would make businesses work better and create an ambiance of a more predictable and reliable financial centre in this part of the world,” Sanwo-Olu said.

Aig-Imoukhuede had earlier commended the Lagos State Government for pursuing the project.

“The gift of Babajide Sanwo-Olu to Lagos State is one that we in the capital market also enjoy,” he said, adding that the MoU is an important step for the financial centre project.

“Today, we are carrying the flag of Lagos State, Nigeria, and indeed Africa. We are getting to the promised land of having an international financial centre in Lagos and for Nigeria,” he said.

Anna Rogers, the director of International Development at The City UK, said the partnership will strengthen financial cooperation between the UK and Nigeria.

“The City of UK is proud to be a strategic partner for the development of Lagos International Financial Centre. The decision of the Lagos State Government is highly commendable, and we are very excited to be part of the journey,” she said.

She added that the collaboration will support trade and investment by enabling knowledge-sharing on corporate governance, financial services, regulation, technology, and innovation.