IFC’s $50m Equity Investment In Lagos Free Zone Thrills Tinubu

ABUJA – Apparently excited, the Federal Government on Wednesday com­mended the International Finance Corporation (IFC) for its continued confidence in the President Bola Tinubu-led Nigeria’s economy.

Bayo Onanuga, Special Advis­er to the President on Informa­tion and Strategy, in a statement explained that President Tinubu made the commendation following IFC’s $50 million equity investment in the Lagos Free Zone, a Tolaram initiative to support the develop­ment and expansion of Nigeria’s first deep-sea port-based, private special economic zone.

The president described the investment as a testament to the growing trust of global financial institutions in Nigeria’s econom­ic direction under his administra­tion.

He emphasised that such stra­tegic partnerships reinforce the country’s position as a prime des­tination for foreign direct invest­ment and industrial growth.

“The expansion of the Lagos Free Zone is critical to our vision of positioning Nigeria as the gateway for trade and investment in West Africa and across the continent. This investment by the IFC not only strengthens Nigeria’s indus­trial base but also demonstrates the growing confidence of inter­national investors in our economic policies. With improved industrial and logistics infrastructure, we are creating an integrated ecosystem that will accelerate exports, attract more investment, and enhance our global competitiveness,” President Tinubu said.

The Lagos Free Zone, strate­gically integrated with the Lekki Deep Sea Port, is designed to ease import and export operations, strengthen Nigeria’s role in re­gional and global value chains, and create a more efficient business en­vironment.

The IFC’s investment will sup­port land development, industrial expansion, and logistics infrastruc­ture within the 860-hectare zone, ensuring full integration into Ni­geria’s broader economic diversi­fication strategy.

The president also acknowl­edged Tolaram’s long-standing commitment to Nigeria’s eco­nomic development, noting that the group’s deepening invest­ments—from industrial zones to consumer goods and manufactur­ing—following its acquisition of Guinness last year reflect Nigeria’s strong potential as an investment destination. He welcomed the com­pany’s continued efforts to drive industrialisation, create jobs, and foster economic growth.

While appreciating the IFC’s investment, President Tinubu reaffirmed his administration’s commitment to fostering a busi­ness-friendly environment that at­tracts even larger, transformative investments across key sectors.

He also highlighted the IFC’s growing partnership with Nigeria, including its $70 million support for power sector initiatives aimed at strengthening the country’s en­ergy security.

“We value the IFC’s commit­ment to Nigeria’s economic prog­ress and look forward to deeper engagements that will drive large-scale infrastructure projects, strengthen our industrial base, and create thousands of jobs for Nigerians,” the president added.