TheCityUK, in collaboration with the UK Government, Lagos State Government, the Lagos International Financial Centre Council and EnterpriseNGR, has unveiled a landmark report outlining a technology enabled roadmap to position Lagos as a leading international financial centre in West Africa. The report, titled Establishing an International Financial Centre in Lagos Nigeria, sets out how digital innovation, modern regulation and global partnerships can drive investment, innovation and sustainable growth across Nigeria and the wider region.
Launched on Monday at the State House Marina, the initiative aligns with Nigeria’s Agenda 2050 and the Lagos State Development Plan 2052, with a strong focus on deepening financial markets and attracting productive global capital. The event was attended by Lagos State Governor Babajide Sanwo Olu, British Deputy High Commissioner Jonny Baxter, and leaders from EnterpriseNGR, reflecting the strength of public private collaboration behind the project.
From a technology perspective, the report identifies FinTech and innovation as one of the core pillars of the proposed Lagos International Financial Centre, alongside green and sustainable finance and commodities trading. It recommends the creation of an independent IFC model supported by clear regulation, simplified tax policies and digitally efficient business processes that can inspire investor confidence and enable seamless cross border financial activities.
Governor Sanwo Olu said the state is fully committed to establishing the International Financial Centre, describing it as a strategic platform for strengthening market infrastructure and unlocking new opportunities in technology and capital market development. According to him, Lagos must build a modern ecosystem that supports seamless trading, enhances market liquidity and promotes financial literacy, while also encouraging innovation through technology driven public private partnerships.
Speaking on the partnership, Jonny Baxter said the report reflects deepening UK Nigeria cooperation, combining Lagos’s economic strengths with UK expertise in financial services and regulation. The Managing Director, International at TheCityUK, Nicola Watkinson, added that a digitally integrated financial ecosystem in Lagos would attract global capital, accelerate FinTech and green finance innovation, and create high value jobs for Nigeria’s youthful population, positioning Lagos as a competitive global financial hub.