Lagos State Government Cites Increasing the Contribution of Tech Ecosystem to the GDP as the Reason for Partnering with EnterpriseNGR

The Lagos State Government has articulated its strategic partnership with EnterpriseNGR, operating under the Lagos International Financial Council (LIFC) platform, with the primary objective of significantly boosting the tech ecosystem's contribution to the state's Gross Domestic Product (GDP). The government aims to elevate this contribution from the current three percent to ten percent through strategic venture capital investments in Lagos-based tech startups. This initiative was underscored during a meeting between state officials and international partners at the Ministry of Finance Conference Room in Ikeja. 

The LIFC, envisioned as a pivotal financial hub, is designed to integrate Lagos into global financial networks, fostering an environment conducive to seamless trading, attracting foreign investments, and enhancing the overall competitiveness of Nigeria’s financial markets. The initiative aligns with the Lagos State Development Plan (LSDP) 2022–2052, which aspires to position Lagos as a world-class financial services center, driving economic growth and innovation across the African continent. This collaboration also follows the signing of a Memorandum of Understanding (MoU) with TheCityUK and the Foreign Commonwealth and Development Office (FCDO), aimed at developing an International Financial Centre in Lagos to further stimulate economic growth. 

The state government emphasizes the LIFC's role in creating sustainable economic growth through targeted investments and infrastructure development, with a focus on economic diversification and enhancing public-private partnerships. The initiative seeks to establish Lagos as a leading financial hub in Africa, adhering to global standards and unlocking substantial economic opportunities.