The Federal Government has approved the establishment of the Lagos International Financial Centre (IFC) as part of efforts to position Nigeria as a leading global financial hub.

A statement from the Federal Ministry of Finance on Tuesday described the decision as “a strategic move to enhance the country’s financial sector and attract international investment.”

At a meeting in Abuja with EnterpriseNGR, Citi UK, and senior Lagos State Government officials, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, reiterated the government’s focus on macroeconomic stability and mobilising investments.

He pointed to the recent successful issuance of a US dollar domestic bond as an indication of growing investor confidence and ongoing financial sector reforms.

Edun drew comparisons with London’s historic “Big Bang” financial reforms, expressing confidence in Lagos’ potential to develop into a globally competitive financial hub with the right institutional backing.

EnterpriseNGR Chairman, Aigboje Aig-Imoukhuede, spoke on the need for collaboration between federal and state authorities, along with private sector leadership, to attract global capital.

Lagos Commissioner for Finance, Abayomi Oluyomi, expressed the state’s readiness for the initiative, referring to the Lagos State Development Plan.

Anna Rogers, Director of International Development at Citi UK, praised the coordinated efforts and stressed the importance of investor-friendly policies and clear regulations to enhance Lagos’ competitiveness on the global stage. (The Nation)