The Lagos State Government, in partnership with EnterpriseNGR under the platform of the Lagos International Financial Council (LIFC), yesterday 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 to drive economic growth.

 The signing of the MoU by the Lagos State Commissioner for Finance, Mr. Yomi Oluyomi; CEO EnterpriseNGR, Mrs. Obi Ibekwe; Head, Eurasia, Middle East and Africa of The City UK, Chika Mourah; and Director, International Development of The City UK, Anna Rogers, was witnessed by Lagos State Governor and Chairman of LIFC, Mr. Babajide Sanwo-Olu;  Co-Chairman LIFC and Chairman, Access Holdings, Mr. Aigboje Aig-Imoukhuede; Charge d’Affaires, British Deputy High Commission Lagos, Mr. Simon Field; Secretary to the Lagos State Government, Mrs. Bimbola Salu-Hundeyin and Head of Service, Mr. Bode Agoro, among others.

Speaking during the ceremony, Governor Sanwo-Olu said his administration was truly committed to achieving the Lagos International Financial Centre and therefore seeks everybody’s support to make the vision a reality.

 A statement from Gboyega Akosile, Special Adviser – Media and Publicity to the Governor, quoted Sanwo-Olu to have said: “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.

 “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.

“We are localising our idea and initiative to be able to also put Lagos and, by extension, Nigeria, on the world map of cities that have international financial centres.”

Sanwo-Olu also expressed appreciation to all the partners for their financial and technical support towards the establishment of an International Financial Centre in Lagos.

 Speaking earlier, Aig-Imoukhuede, commended Sanwo-Olu and his team for their courage in driving the dream of the LIFC, noting that “The gift of Babajide Sanwo-Olu to Lagos State is one that we in the capital market also enjoy.”

 He said the MoU was a very important signpost for the LIFC 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 added.

 Aig-Imoukhuede also commended the media for balanced and educative reporting and charged them to do more as he called for their continuous support in every way possible.

 Also speaking, Rogers said the partnership would bring everybody together to make Lagos a successful powerful house on the African continent.

She added: “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.

 “We are delighted that through our partnership, we’ll continue to provide an avenue for UK and Nigerian financial professional services practitioners, policymakers, and regulators to share knowledge on best practices in areas such as corporate governance, financial services, regulation, technology, innovation, and many others. These will lead to increased trade and an increase in investment and partnership between the two countries as well as internationally.”

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