FG Endorses Lagos International Financial Centre as Nigeria Moves to Deepen Partnership with OECD

Ndubuisi Francis in Abuja

The federal government has formally endorsed the creation of the Lagos International Financial Centre (IFC), a strategic move aimed at positioning Nigeria as a top-tier global financial hub.

The endorsement came as Nigeria moved to deepen collaboration with the Organisation for Economic Cooperation and Development (OECD) as part of efforts to drive economic reforms, attract investment opportunities, and contribute to sustainable development.

Speaking at a high-level engagement with EnterpriseNGR, Citi UK, and senior Lagos State Government Officials, in his office in Abuja, the Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun, underscored the federal government’s unwavering commitment to macroeconomic stability and investment mobilisation. He cited the successful issuance of a US dollar domestic bond as a signal of renewed investor confidence and financial reform momentum.

The minister drew parallels with London’s historic “Big Bang” reforms, highlighting Lagos’ potential to evolve into a globally competitive financial centre with the right institutional support, a statement issued by the Director, Information and Public Relations, Mohammed Manga said.

EnterpriseNGR Chairman, Aigboje Aig-Imoukhuede, emphasised the importance of synergy between federal and state authorities, alongside private sector leadership, in attracting global capital.

Lagos State Commissioner for Finance, Abayomi Oluyomi, outlined the state’s preparedness, referencing the Lagos State Development Plan, the creation of the Lagos IFC Council, and an executive order to catalyse the initiative.

Director of International Development at Citi UK, Anna Rogers commended the coordinated approach and stressed the importance of investor-friendly policies and regulatory clarity for global competitiveness.

Meanwhile, through the partnership with OECD, Nigeria seeks to improve its business environment, increase access to finance for small and medium-sized enterprises, and enhance its competitiveness in the global economy.

A delegation from OECD led by the Head of the Middle East and Africa Division, Carlos Conde was in Abuja yesterday to meet with the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, in order to strengthen economic cooperation and explore strategic partnerships.

Receiving the delegation, Edun  expressed the federal government’s commitment to deepening its economic ties with the OECD.

This is with a view to ensuring harmonised data systems to support reforms, attract investment, and create opportunities for the country’s youth.

In a statement, the Director, Information and Public Relations, Ministry of Finance, Mohammed Manga said discussions focused on Nigeria’s economic priorities, including capital market development, regional integration, curbing illicit financial flows, sustainable finance, and investment in human capital.

The OECD highlighted its growing engagement in Africa through collaboration with the African Union (AU) regional blocs, and direct country-level support.

“Nigeria was identified as a key partner in West Africa. It also outlined its range of engagements, which include technical support in areas such as digitalisation, governance, and statistics.

“HM Edun welcomed the collaboration and re-emphasised the need for harmonised data systems to support reforms, attract investment, and create opportunities for the country’s youth,” the statement said, adding that the collaboration between Nigeria and the OECD was expected to drive economic reforms, attract investment opportunities, and contribute to Nigeria’s sustainable development. “Through this partnership, Nigeria aims to improve its business environment, increase access to finance for small and medium-sized enterprises, and enhance its competitiveness in the global economy.

“By working together, Nigeria and the OECD can unlock new opportunities for economic growth, job creation, and poverty reduction, ultimately improving the lives of Nigerian citizens,” the statement added.