Lagos hopes to ramp up GDP with LIFC partnership

Lagos State Government has expressed optimism that its partnership with EnterpriseNGR, under the platform of the Lagos International Financial Council,  LIFC, would facilitate an increase in the contribution of the tech ecosystem to it’s Gross Domestic Product, GDP, from three per cent to 10 per cent through venture capitals in Lagos-based tech startups.

This was disclosed at a meeting between the State Government and international partners held on Wednesday at the State Ministry of Finance Conference Room, Ikeja.

LIFC is a financial hub created to integrate Lagos into global financial networks.

The initiative aims to create an enabling environment for seamless trading, attract foreign investments, and enhance the competitiveness of Nigeria’s financial markets.

The LIFC is envisioned as a hub that facilitates global financial activities while fostering local economic growth and innovation in Lagos State.

The state government had on  Monday, March 24, 2025, at Lagos House, Marina, signed a Memorandum of Understanding, MoU, with TheCityUK and the Foreign Commonwealth and Development Office, FCDO, for the development of an International Financial Centre in Lagos, aimed to drive economic growth.

Governor Babajide Sanwo-Olu, Chairman LIFC, led the signing of the MoU ceremony, witnessed by  Co-LIFC, Chairman of Access Holdings, Mr. Aigboje Aig-Imoukhuede; the Head, Eurasia, Middle East and Africa of TheCity UK, Chika Mourah; 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, Sanwo-Olu, said his administration is truly committed to achieving the Lagos International Financial Centre and therefore sought everybody’s support to make the vision a reality.

Speaking at the occasion, Lagos State Commissioner for  Budget and Economic Planning, Mr Ope George,  stated, “The LIFC initiative, a collaborative effort between the Lagos State Government and EnterpriseNGR, seeks to position Lagos as Africa’s foremost international financial hub.