Lagos State Government has taken a major leap towards becoming Africa’s Financial Hub. It has signed a Memorandum of Understanding (MoU) with the City of UK and the Foreign Commonwealth and Development Office (FCDO) towards establishing an International Financial Centre in Lagos
The MoU, signed on Monday will drive economic growth and position Lagos as a major financial hub in sub-Saharan Africa.
Governor Babajide Sanwo-Olu, who witnessed the signing ceremony, expressed his administration’s commitment to achieving the Lagos International Financial Centre.
According to Sanwo-Olu, the signing of the MoU marks the beginning of a new era of financial cooperation between Lagos State and the City of UK.
“The signing of the MoU signposts the beginning of another level of engagement in establishing Lagos International Financial Centre,” he said. “It is not just about us; it is about putting our country and both local and international investors on a platform that would make businesses work better.“
A New Era of Financial Cooperation
The Lagos International Financial Centre is designed to be a world-class financial hub, providing a platform for international financial institutions, investors, and businesses to operate in Lagos. The centre will offer a range of financial services, including investment banking, asset management, and private equity.
Aigboje Aig-Imoukhuede, Co-Chairman of the Lagos International Financial Council (LIFC), commended Sanwo-Olu’s courage in driving the dream of the LIFC. “Today, we are carrying the flag of Lagos State, Nigeria, and indeed Africa,” he said. “The gift of Babajide Sanwo-Olu to Lagos State is one that we in the capital market also enjoy.“
Anna Rogers, Director of International Development of The City UK, in hier remark said she is excited about the partnership. “We are delighted to provide an avenue for UK and Nigerian financial professional services practitioners to share knowledge on best practices,” she said. “We are proud to be a strategic partner for the development of Lagos International Financial Centre.”
Benefits of the Partnership
The partnership is expected to lead to increased trade, investment, and partnership between Nigeria and the UK, as well as internationally. The Lagos International Financial Centre will provide a platform for Nigerian businesses to access international capital markets, while also attracting foreign investment into the country.
The centre will also create jobs and stimulate economic growth in Lagos State. According to Sanwo-Olu, the Lagos International Financial Centre will be a “game-changer” for the state’s economy.
Challenges Ahead
While the signing of the MoU is a big step towards establishing the Lagos International Financial Centre, there are still challenges ahead. The centre will require significant investment in infrastructure, including office space, transportation, and telecommunications.
Additionally, the centre will need to attract top talent from the financial industry, both locally and internationally. However, with the support of the City of UK and the FCDO, the Lagos State Government says it is confident it can overcome these challenges and turn Nigeria’s commercial capital into a world-class financial hub.
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