He disclosed that there were ongoing conversations to extend the Red Line further into Ogun State, noting that the rail expansion by his administration is tied to Lagos’ broader multimodal transport master plan, including road and waterways.

Speaking during an interview with State House correspondents at the Lagos House, Marina, on Wednesday, Governor Sanwo-Olu said the new trains on the Red Line will have eight cars as against the four cars currently being used on blue line.

Governor Sanwo-olu noted that the addition was designed to support the 27-kilometre Red Line from Oyingbo to Agbado, targeting up to 37 daily trips and over 500,000 daily passengers when fully operational.

He also said that the Omi-Eko water transport project is ongoing, with high-capacity electric boats expected by 2027 to boost ferry services as part of the state’s multimodal plan.

The Governor noted that the integration of rail, road and water transport is designed to ensure efficient movement of people across the state while supporting economic growth.

He said the improved transportation infrastructure would ultimately enhance productivity and boost revenue generation for Lagos State.

He said: “The beauty of the Red Line is that it is twice as large as the Blue Line. While the Blue Line operates four-car trains, the Red Line will run eight-car trains. At full capacity, it will be able to move up to 500,000 passengers daily along the corridor from Agbado to Oyingbo.

“Discussions are ongoing to extend the rail service further into neighbouring Ogun State to accommodate more commuters.

“By this time next year, residents will begin to see increased activity on our waterways with the deployment of electric boats to complement existing transport systems.”

Governor Sanwo-Olu recalled that additional rolling stock had earlier been procured for the Blue Line, noting that similar investments were being replicated on the Red Line to strengthen the state’s rail infrastructure.

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Sanwo-Olu spoke at the State House, Marina, while hosting members of the Joint Revenue Board (JRB) for its 159th meeting, which began on Monday, April 20, 2026.

The Joint Revenue Board (JRB) formerly known as the Joint Tax Board (JTB), is made up of the Executive Chairman of the Nigeria Revenue Service (NRS), chairmen of the 36 State Internal Revenue Services and the Chairman of the Federal Capital Territory (FCT), as well as representatives of key agencies including the Federal Ministry of Finance, National Identity Management Commission, Revenue Mobilisation, Allocation and Fiscal Commission, Nigeria Customs Service, Nigeria Immigration Service and the Federal Road Safety Corps.

The governor said Lagos had continued to record significant growth in internally generated revenue due to deliberate reforms implemented by LIRS, noting that IGR now accounts for over 60 per cent of the state’s annual budget.

Sanwo-Olu disclosed that Lagos generated N1.3tn as internally generated revenue in 2024, representing a 45 per cent increase over the previous year, driven by reforms spearheaded by the LIRS.

He attributed the growth to sustained investment in digital tax systems, expansion of the tax base, and improved engagement with taxpayers.

“We can say that our internally generated revenues now account for well over 60 per cent of our budget. It has not happened by sheer luck. It is the result of years of investment in digital tax systems, a push to expand our tax net, and building trust with our taxpayers,” the governor said.

The governor, however, stressed that for other states to replicate Lagos’ success, tax agencies must be allowed to operate independently without undue political interference.

He urged state governors to grant full tenure and operational freedom to revenue authorities, warning that frequent disruptions in leadership could undermine efficiency and public confidence.

Sanwo-Olu said, “Governors need to give revenue agencies clear space to work. They need to give them that independence. They need to give them full tenure to do their work. It should not be a situation where a governor comes and wants to disrupt the tenure of the chairman. It is only when they do all of this that the confidence of taxpayers, the confidence of workers and subordinates in the system will be enhanced. I will be pushing my brother governors again for them to understand and appreciate that it is only when they give you what you need to work that they can get the benefits of the expertise that you all have.”

The governor also said taxes paid by residents and businesses were being translated into visible infrastructure and social projects across the state, stressing that Lagos had become a model for linking revenue generation with development.

He said, “For us, it is really about our citizens. It is about the people who have given us the trust to believe in us and to pay these taxes. My deputy and I are consistently committed to ensure that we leave this place a lot better than we met it.”

Highlighting projects funded through public revenue, the governor cited the Blue and Red Rail Lines, road expansion projects, hospitals and new universities. He said Lagos was building a multi-modal transportation system that would combine rail, water transport and buses to improve movement across the state.

Earlier, Chairman of the Lagos State Internal Revenue Service (LIRS), Ayodele Subair, said the Joint Revenue Board had become central to strengthening Nigeria’s tax system through coordination and reform implementation.

He added that the new tax laws had made coordination even more urgent.

“This meeting comes at a pivotal time following the enactment and implementation of the new tax laws. The JRB is positioning itself to support effective implementation by strengthening coordination across all tiers of government,” he said.

Subair noted that Lagos’ hosting of the meeting again after five years reflected its economic importance.

“After a five-year interval, Lagos State is once again honoured to host this important gathering. This reflects the state’s leadership as Nigeria’s economic nerve centre,” he said.

“Speaking on behalf of the Chairman of the Joint Revenue Board, Zacch Adedeji, the Executive Secretary of JRB, Olusegun Adesokan, commended Lagos for its revenue performance and governance reforms.

He said, “It is no surprise that Lagos State Internal Revenue Service remains the leading subnational revenue authority in Nigeria.”

Adesokan added that Lagos’ revenue growth reflected long-term reforms.

“Prior to this, the state’s annual internal revenue was less than N94bn. But today, Lagos generates over N1.7tn annually,” he said.

He noted that the increase represented a 39 per cent rise year-on-year.

“These achievements clearly demonstrate how strong revenue performance, when effectively managed, translates into tangible development outcomes for citizens,” he said.

Adesokan further described Lagos as a benchmark for tax administration in Nigeria.

“Your sustained support for tax administration underscores the high priority you accord effective revenue administration and its critical contribution to sustainable development,” he said.

The Executive Chairman, Akwa Ibom State Internal Revenue Service, Okon Okon, thanked Governor Sanwoolu for hosting the meeting at hehighlights the positive experiences of the JRB members in Lagos, especially the Blurail train ride from Marina to Mile 2 and a visit to the Eko Atlantic City.

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The Governor said the exercise will hold every last Saturday of the Month between the hours of 6:30am and 8:30am but without movement restrictions. He stressed that the exercise would be monitored by State officials with appropriate sanctions to be meted out to erring neighbourhoods and markets.

Sanwo-Olu made the pronouncement during a ceremony held in Olosa Bus Stop in Mushin which marked the symbolic flag-off of the monthly sanitation. The Governor, who led his Deputy, Dr. Obafemi Hamzat, and member of the State cabinet on the mission, said the culture of environmental responsibility must be imbibed by the residents across all communities in the state and reflect same in their lifestyle.

He observed that environmental sanitation had become a resident obligation, as people would often clean up their surroundings voluntarily. The Governor, however, said the commitment dropped, following the cancellation of the exercise by previous administration, resulting in haphazard environmental cleanup.

He said: “Every last Saturday of the month used to be a moment when citizens across the State would come together to clean their surroundings, their drains and contribute to a healthy environment across the metropolis. It used to be a collective civic responsibility. Many old residents will remember that the monthly environmental sanitation was voluntarily observed. Today, we are bringing back the era where we will all take collective responsibility for the cleanliness of our environment.

Sanwo-Olu emphasised that regular sanitation would uphold a fundamental principle that achieving a clean city relied not only on the action of government but also on the discipline and cooperation of its citizens.

The Governor recalled a court judgement that led to the decision to halt the exercise which was informed by movement restrictions enforced during the exercise. He emphasised that the State Government respected the rule of law and the court’s authority by suspending the monthly sanitation programme at that time.

Sanwo-Olu emphasised that the State Government had reviewed the exercise’s enforcement aspect. This resulted in reduced restrictions but he assured that the responsibility for maintaining a clean environment would remain unchanged.

He said: “The condition on our streets, markets, drainage channels, and  public spaces underscored the need to bring back the monthly sanitation. Everyone must take responsibilities for the environment that we all share. In a city that is as large and dynamic as Lagos, maintaining a clean and healthy environment must be a collective civic duty and responsibility. The residents, whose lives are at risk, must get involved.”

Sanwo-Olu reiterated that the monthly sanitation would revive the culture of environmental consciousness in all the communities.

Commissioner for the Environment and Water Resources, Mr Tokunbo Wahab said the re-introduction of the monthly sanitation was a bold step towards improving the wellbeing of the residents as well as bequeathing a safe, clean and sustainable environment to the coming generation.

Wahab said that the exercise was in line with the T.H.E.M.E.S Plus Agenda of the Sanwo-Olu administration, highlighting the objectives to give Lagosians access to a conducive and liveable environment.

He said:  “Government is re-introducing the cleaning exercise and residents are encouraged to clean their homes, surroundings, drainages in front of their houses and streets while LAWMA officials would always be on ground to collect the waste and dispose them properly.”

Wahab said one of the goal of the event was to further educate residents on the need to take ownership of their environment and ensure they continually clean their  surroundings, dispose waste responsibly and imbibe the culture neatness.

“As a government, it is our collective responsibility to continually develop strategic methods to improve the environment, ensure that it is flood free and make it conducive for residents and this can be achieved through the continuous cleaning of the environment from time to time,” he said.

He advised communities that may want to defy the directive to avail themselves of the Lagos State 2017 Environmental Protection Law, noting that offending neighbourhoods would be dealt with in accordance with the Law.

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The projects — Multi-Agency Office Complex and Lagos Geographic Information Service (LAGIS) Building — are situated within the Central Business District (CBD) in Alausa, in close proximity to the Secretariat of the State Government.

The Multi-Agency Complex is a multi-storey office development designed to centralise the operations of critical state agencies, thereby reducing congestion in the Secretariat campus.

The complex is being designed to offer comfort for civil servants and enhance administrative efficiency. The project is multi-functional building that houses office spaces, relaxation facilities, multi-level car park with capacity for over 600 vehicles, and advanced safety components.

The LAGIS project is a 5-floor purpose built office building initiated by the Sanwo-Olu administration to provide one-stop access for all services relating to geospatial mapping, urban planning and land administration.

Sanwo-Olu, who described the two projects as a “masterpiece”, expressed satisfaction with their progress. The Governor declared that the construction of Multi-Agency Complex had practically been completed, except the finishing work to be done on the ground floor and setbacks.

The Governor disclosed that the formal opening of the buildings would be symbolic, as they were expected to be commissioned by President Bola Ahmed Tinubu in a planned state visit to Lagos coming in a yet to be announced date.

After the completion of work on the complex, Sanwo-Olu said the contractor handling the project was expected to clean it up in the next two weeks in preparation for commissioning.

He said: “We’ve just finished the inspection of Multiagency Office Complex and the LAGIS Building. As has been observed, the Multiagency Complex is practically completed; all left to do is finishing work around all of the setback and the ground completion. I am impressed with the level of work the contractor has been able to achieve. In another two week, we believe the contractor should have done extreme cleanup of the complex.

“The LAGIS Building whose construction is more recent is also a unique masterpiece as the complex because it meets our requirements in spatial and geographic information system deliverables, which are meant to be part of our solutions to land administration in Lagos. However, construction work on the LAGIS building needs to advance quickly in the next three weeks to the completion stage.

“What we are planning to do for the formal opening of these buildings is a symbolic commissioning. We are expecting presidential visit in the coming weeks, and these buildings are part of the projects that might be inaugurated by the President on that trip.”

Sanwo-Olu said the buildings would positively impact the quality of public service and enhance service delivery to the citizens. He said the ambience in which the civil servants would now work would be felt in better turnaround time for the services they render to citizens.

“The space in which services are being rendered is critical to us as a government. That is why we are creating better working environment for our staff,” the Governor said.

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Governor Babajide Sanwo-Olu, his Deputy, Dr. Obafemi Hamzat, and members of the State cabinet joined party leaders and members across Lagos to participate in the activities leading to the election of new party leadership.

Also at the event included former Governor Akinwumi Ambode, former Senate Leader, Sen. Olorunnimbe Mamora, ex-Senator Gbenga Ashafa, and members of the Governance Advisory Council (GAC) led by Prince Tajudeen Olusi.

Thousands of delegates from all Local Government Areas gathered for the election of the new leadership that will steer the party’s affairs at the State level for another four years.

The rancour-free process was organised by a committee led by Mrs. Stella Okotete set up by the National Working Committee of the party in Abuja. Prof Usman Tsowa was the secretary of the congress committee.

Officers of the Independent National Electoral Commission (INEC) supervised the process from screening of candidates to the election.

The party delegates, however, opted for a consensus for the election of the party executive members, making the process seamless and tension-free.

Most of the outgoing party executive members were returned, except seven members who had served two terms in their positions.

Sanwo-Olu expressed delight at the seamless conduct of the process, stressing that the rancour-free congress demonstrated the commitment of the party members to the peace and progress of the party.

The Governor said the outcome of the congress reflected the wishes of President Bola Ahmed Tinubu, noting that APC was now more strengthened and united in Lagos to confront opposition parties ahead of the general elections.

Sanwo-Olu said: “In Lagos, APC has again demonstrated that we are a party founded on the principle of fairness, transparency, equity and inclusion, which have all been displayed in the process that led to the emergence of new party leadership today. Lagos remains the heartbeat of progressive politics and stronghold of the President.

“The return of Pastor Cornelius Ojelabi and other members of the party executive is an affirmation that they have committed themselves to the growth of our party. By building a consensus among the entire delegates, we have once again established that party is supreme.

“To the returning members of the executive, renewal of your mandate comes with a new responsibility to further take the party forward and make it a national reference point. You must uphold the tenets of the party and sustain its accommodating spirit.”

Ojelabi said the re-election of the party executive members through consensus lent credence to the renewed unity and dedication of the party members to its progress.

Under his leadership, the re-elected chairman said APC in Lagos had widened its political base and recorded victories at polls. While noting that APC had become a movement in Lagos, Ojelabi urged party members to recommit themselves to build a stronger structure for the party.

He said: “As we celebrate today, we must also look ahead. The forthcoming elections present us with another opportunity to showcase the strength of our unity and the power of our collective resolve. This is a time for us to work harder, engage deeper, and ensure that APC continues to lead the way in delivering good governance and sustainable development to our people.

“I urge all party members to remain steadfast, focused, and united. The future of Lagos State and Nigeria depends on our dedication and our ability to work together. Let us strengthen our bonds, reach out to every community, and ensure that no voice is left unheard and no hand is left idle in this mission.”

Okotete said Article 20 of the APC constitution provided the guidelines for the conduct of the state congress, pointing out that the process must be democratic and transparent in strict compliance to the constitution.

She said the process reflected the foundation of progressive ideology, discipline, inclusion and leadership, adding: “Strength of the party in Lagos is vital to building the strength for the APC nationwide.”

Other returning party executive members include Deputy Chairman, Hon. Moshood Mayegun (Lagos Island); State Secretary, Hon. Ademola Jokomba (Ikorodu); Assistant Secretary, Mariam Animawun (Kosofe); Zonal Vice Chairman for West, Babatunde Aboyade (Alimosho); Zonal Vice Chairman for East, Hon. Olayinka Olusanya (Epe),  and Zonal Vice Chairman for Central, Hon. Muideen Daramola (Eti Osa).

The State Legal Adviser is Folashade Bakare (Eti Osa), while Assistant Legal Adviser is Adebola Adewunmi-Ladigbolu (Ikeja). The State Treasurer is Hon. Abiodun Akhigbe (Kosofe); Assistant Treasurer, Chief Oludele Sonola (Ikeja); Financial Secretary, Adedoyin Banjo (Somolu); Assistant Financial Secretary, Ganiat Olaleye (Ifako Ijaiye); Organising Secretary, Ayodele Adewale (Amuwo Odofin) and Assistant Organising Secretary, Hon. Adebayo Sanwo-Olu (Lagos Island).

Publicity Secretary, Hon. Oluseye Oladejo (Mushin); Assistant Publicity Secretary, Hon. Yesiru Karamo (Ibeju Lekki); Welfare Secretary, Hon. Adeniyi Kehinde (Epe); Assistant Welfare Secretary, Kafilat Pedro-Akanni (Agege); Auditor, Adedoyin Pikuda (Oshodi); Assistant Auditor, Shakiru Wusu (Surulere); Women Leader, Mrs. Iyabo Eletu (Lagos Island) and Assistant Women Leader, Damilola Sonayon James (Badagry).

State Youth Leader, Dr. Muritala Seriki (Kosofe); Assistant Youth Leader, Vincent Adukwu (Eti Osa); Special Leader for People Living with Disability, Afolabi Dada (Alimosho); Senatorial Youth Leader for West, Rasheed Gboshe (Ajeromi); Senatorial Youth Leader for East, Olugbenga Balogun (Ibeju Lekki), andSenatorial Youth Leader for Central, Olawale Matti Eshinlokun (Mainland).

Senatorial Women Leader for West, Mariam Balogun (Mushin); Senatorial Women Leader for East, Ajewonuola Oshinowo (Ikorodu); Senatorial Women Leader for Central, Modupe Olawoyin (Apapa), Ex-Officio 1, Aisha Sani Kachako (Arewa), Ex-Officio II, Yomi Olubamido (Somolu); Ex-Officio III, Bamidele Olufemi (Apapa) and Ex-Officio IV, Ngozi Chinwuko (Surulere).

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Governor Babajide Sanwo-Olu and CWEIC Chief Executive Officer, Mrs. Samantha Cohen, signed Memorandum of Understanding at a joint press conference held at the State House in Marina, where both partners announced the hosting of 2026 Lagos Trade and Investment Summit tagged “Invest in Lagos 3.0”.

The collaboration, the Governor noted, reflected the State’s response to evolving global capital market realities, testifying to his administration’s commitment to position Lagos as a competitive sub-national economy capable of attracting, structuring, and converting investment into measurable growth.

No fewer than 600 investors, including development finance institutions, from across the Commonwealth countries are expected to attend the two-day summit billed to be held at Eko Hotels Convention Centre in Victoria Island.

The Commonwealth comprises 56 countries with a combined population of 2.7 billion and a GDP of $14.2 trillion. This is projected to reach $20 trillion by 2029. CWEIC, its private sector arm, has 150 strategic partners in 35 countries and investment hubs across the Commonwealth nations, including Lagos — Nigeria’s commercial capital.

Sanwo-Olu said CWEIC’s partnership embodied shared commitment to structured capital mobilisation, disciplined project presentation, and measurable transaction outcomes, adding that “Invest Lagos 3.0” would offer not just as a convening platform for Commonwealth investors, but also an economic growth acceleration mechanism.

He said: “Invest Lagos 3.0 is not going to be a ceremonial gathering. It is expected to be a transaction-focused investment platform built for capital alignment and project conversion. Its architecture and processes are intentional and structured for measurable investment outcomes. Every element of the Summit has been carefully designed to support disciplined engagement between project sponsors and capital providers.

“The summit is expected to convene between 500 and 600 high-level delegates, including global institutional investors, sovereign wealth entities, development finance institutions, multinational corporations, structured finance specialists, trade networks across the Commonwealth, and senior public sector leaders from multiple jurisdictions. It will represent one of the most concentrated assemblies of capital, policy influence, and strategic investment interest focused on a single African sub-national economy.”

Through the collaboration, Sanwo-Olu said Lagos would be strengthening its capacity to mobilise global capital, deepen cross-border trade relationships, and position itself as a premier destination for large-scale, transformative investment.

To maximise the benefits of the summit, the Governor said ‘Invest in Lagos 3.0” had been structured around core strategic objectives, including global profiling of Lagos International Financial Centre as a world-class financial gateway capable of serving regional and international capital flows, while creating structured access channels for domestic enterprises seeking growth capital.

Sanwo-Olu said Lagos would showcase bankable and investment-ready projects across priority sectors, while also facilitating structured investment matchmaking through a curated transaction-conversion mechanism designed to connect project sponsors with capital providers.

He said: “Under these frameworks, we are scaling transport infrastructure across road and rail corridors, strengthening logistics and port connectivity, investing in renewable energy systems, expanding digital infrastructure, accelerating housing development, deepening healthcare delivery systems and building industrial growth corridors that connect production to markets.

“Within this broader growth architecture, we remain deliberate about strengthening Micro, Small and Medium Enterprises (MSMEs), which account for more than 70 per cent of economic activity in Lagos and represent the backbone of employment generation, local production, service delivery, and innovation. Our investment strategy is designed not only to attract large institutional capital, but also to catalyse scalable private sector participation across value chains where MSMEs operate and expand.”

Cohen said Nigeria remained Commonwealth’s strongest network outside the UK, noting that the collaboration offered Lagos an advantage of up to 21 per cent to do business cheaper with Commonwealth member countries because of shared legal systems, language and trusted relationships.

She said the first edition of “Invest in Lagos” enabled the State to establish a structured, credible destination for international investment. The second edition, Cohen pointed out, gave Lagos the opportunity to deepen its investment narrative with focused thematic sector engagement.

She said: “LTIS 2026 aligns directly with Lagos State’s T.H.E.M.E.S+ Agenda and the Lagos State Development Plan 2052 across infrastructure expansion and urban mobility, financial services deepening, trade facilitation and AfCFTA integration, energy security and industrial development, innovation, technology and human capital development. CWEIC will be deploying its globe-spanning network to bring a diverse and new cohort of investors and business leaders to Lagos in June.”

Cohen said the summit would feature plenary sessions, business roundtable, Deal Room, closed-door bilateral between CEOs and Governor, dinner and site visits.

Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Banda-Ambrose, said the collaboration came at a “defining moment” in Lagos’ growth journey, stressing that the effort would deepen investment inflows, stimulate private sector expansion, and accelerate economic transformation in Lagos.

“Global capital is increasingly gravitating toward jurisdictions that demonstrate credible leadership, institutional clarity, bankable pipelines, disciplined governance, and defined execution frameworks. Subnational governments compete directly by differentiating themselves through governance quality, policy coherence, and transaction ecosystem strength. Lagos recognises this structural shift and has positioned itself to compete effectively within it,” the Commissioner said.

The joint press conference was preceded by a courtesy visit to the Governor by CWEIC team led by Cohen and comprised Country chairman of CWEIC, Mr. Olasupo Shasore, SAN, Advisory Board member, Mr. Ayo Otuyalo, and Director, Mr. Obinna Anyanwu, among others.

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The Board of the Lagos State Sports Trust Fund is chaired by the former Commissioner for Sports and Youth Development and the current President of the International Table Tennis Federation, Mr. Enitan Oshodi, with Mr. Olaposi Agunbiade as Executive Secretary/CEO.

Other members of the Board are Mr. Olabode Agoro, Mr. Adeniyi Adedokun Adekoya, Mr. Gbolahan Onibuje, Mr. Jubril Gawat, Mrs. Kikelomo Bolarinwa, Mrs. Olayemi Sarumi, Mr. Lekan Fatodu, Mr. Moshood Ajide, Engr. Ibrahim Adigun, Chairman of the Chairmen of LGs/LCDAs and Chairman of the Lagos State Sports Commission.

Speaking during the inauguration held at Lagos House, Marina, Governor Sanwo-Olu implored members of the Lagos State Sports Trust Fund to use their contact, skill, professional background and reach for setting up a robust institution in sports for Lagos State.

He said: “The mandate is very straightforward. It is for all of you to use your contact, skill, professional background and reach to help see how we can support funding in sports and help in setting up robust institutions in sports for Lagos State for today and for future generations.

“I will implore that you also look for ways to deploy resources in grassroots sports, school sports, and sporting activities that would encourage growth from our various divisions.

“There are several facilities that we have around that the government first funded. I am sure they are at different stages of completion, if not completed. And there is a lot that also needs improvement. So I believe that you can put the funds into some of these projects.

“There are also a whole lot of people and organisations that would want to support, but they don’t want to come straight to the government. So, this is a quasi-body that can reach out to the private sector and also draw on the experience of the government.”

Also speaking, the Chairman of the Lagos State Sports Trust Fund, Mr. Enitan Oshodi, said the most important thing for his team is to create pathways for raising funds to support sports, sporting infrastructure and development.

He said: “The Lagos State Government is spending a lot of money on sports, but it is never enough in a megacity like Lagos with 20 million-plus people. We need facilities to support athletes, and we all know the talents that are bound in sports in Lagos.

“Lagos State Sports Commission is doing a good job, a very good job. But we always need help from the private sector. The greatest sporting nation in the world doesn’t get any government funding in the United States of America. It is the private sector. So our main target really is the support from the private sector. And with the capacity of the people on the board, we see the private sector supporting us.

“We know the private sector and what they want us to do. And the government is spending the money in the right way. So, I think we can make a big success very quickly in the short term. But of course, the great plan is a long-term plan for the development of sports in Lagos.”

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He said the Lagos International Financial Centre project, conceived about two years ago, was designed to attract international capital, deepen financial markets, and create sustainable economic opportunities for the country.

Governor Sanwo-Olu, who is the Chairman of LIFC council, spoke during the launching of the Lagos International Financial Centre (LIFC) Phase 1 Report, at the Lagos House, Marina.

Lagos International Financial Centre (LIFC) is a project of Lagos State Government in conjunction with EnterpriseNGR, that captures the strategy and pathway to the implementation of initiatives that would transform Nigeria’s economic growth, deepen the financial market and foster innovation.

Speaking during the launching of the LIFC Phase 1 Report, Governor Sanwo-Olu reaffirmed his administration’s commitment to establishing the Lagos International Financial Centre. He described the initiative as a strategic economic reform designed to strengthen Nigeria’s global competitiveness and position Lagos as a leading international financial hub.

Governor Sanwo-Olu commended EnterpriseNGR for the initiative and the work done so far. He also appreciated the United Kingdom Government and TheCityUK for providing technical and financial support in the formative phase, stressing that the development of a credible international financial centre requires robust institutional frameworks and strategic investment partnerships.

He said, “The foundation we are laying today is for the future of our economy, our children, and generations to come. This is not just about Lagos; it is about building an economic legacy that will transform Nigeria’s financial ecosystem.

“We have designed a model that involves both state and national institutions so that the project becomes institutional rather than personality-driven. It is about building a sustainable structure that will outlive any administration.”

Speaking at the event, the co-chairman of LIFC, Mr. Aigboje Aig-Imoukhuede, commended the Lagos State Government for a job well done in fostering the need to work with the ecosystem of actors in the private sector to bring about financial and economic growth.

He underscored the importance of private sector participation, describing the Lagos International Financial Centre as a collaborative economic ecosystem that requires strong partnerships between government and business institutions.

Aig-Imoukhuede described the completion of LIFC Phase 1 as a significant milestone, noting that Phase 2 would focus on policy reforms, legislative frameworks, and resource mobilisation to drive implementation.

“The scale and impact of the Lagos International Financial Centre will go beyond the Nigerian Stock Exchange. It will strengthen capital mobilisation, expand financial institutions and position Nigeria as a global financial destination,” he said.

Also speaking, British Deputy High Commissioner, Jonny Baxter, applauded the Lagos State Government and EnterpriseNGR for driving the initiative and strengthening collaboration with federal institutions, noting that a well-structured financial centre would benefit the national economy.

He disclosed that the United Kingdom, through TheCityUK, is providing expertise to help identify Lagos’ comparative advantages and the regulatory reforms required to establish a globally competitive financial centre.

Baxter described the initiative as a major economic milestone capable of unlocking domestic and international capital flows into infrastructure development, job creation, and economic growth.

“A well-designed international financial centre can unlock significant domestic and international capital flows. These resources will support infrastructure development, boost productive sectors, and create employment opportunities,” He said.

Lagos State Commissioner for Finance, Mr. Abayomi Oluyomi, said the journey required a lot of collaboration of investors in making the project a reality and a globally competitive platform.

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