Tinubu lauds IFC’s $50m investment in Lagos Free Zone

• Highlights economic impact

From Juliana Taiwo-Obalonye, Abuja

President Bola Tinubu has commended the International Finance Corporation (IFC) for its $50 million equity investment in the Lagos Free Zone (LFZ), describing it as a significant boost for Nigeria’s economic growth and industrial expansion.

The investment, part of a Tolaram initiative, aims to develop Nigeria’s first deep-sea port-based private special economic zone.

In a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga, President Tinubu said, “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.

“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.”

The Lagos Free Zone, spanning 860 hectares and integrated with the Lekki Deep Sea Port, is designed to ease import and export operations while strengthening Nigeria’s role in global value chains. The IFC’s funding will support land development, logistics infrastructure, and industrial facilities within the zone.

President Tinubu stressed that partnerships like this reinforce Nigeria’s position as a prime destination for foreign direct investment. “With improved industrial and logistics infrastructure, we are creating an integrated ecosystem that will accelerate exports, attract more investment, and enhance our global competitiveness,” he noted.

The IFC echoed this sentiment. Regional Director for Central Africa and Anglophone West Africa at IFC, Dahlia Khalifa, stated during the agreement signing: “Lagos Free Zone is poised to become a transformative hub for industrial activity, driving job creation and enhancing Nigeria’s competitiveness in global markets. This investment reflects IFC’s commitment to fostering inclusive economic growth and sustainable development in Nigeria.”

Owned by Singapore-based Tolaram Group, LFZ already hosts major manufacturers like Kellogg’s, Colgate, BASF, and Tata International. Once fully operational, it is expected to create approximately 30,000 jobs while contributing significantly to Nigeria’s GDP. CEO of Lagos Free Zone Company, Adesuwa Ladoja, highlighted that the funding would help scale up infrastructure to attract more businesses and promote sustainability.

“This investment allows us to scale up existing infrastructure to attract more foreign and local tenants while promoting sustainability and creating economic opportunities for Nigeria,” Ladoja said.

President Tinubu also acknowledged Tolaram’s long-standing contributions to Nigeria’s economy and reaffirmed his administration’s commitment to fostering a business-friendly environment. He highlighted IFC’s broader partnership with Nigeria, including its $70 million support for power sector initiatives aimed at strengthening 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,” Tinubu concluded.

The Lagos Free Zone is set to play a pivotal role in achieving Nigeria’s economic diversification goals while solidifying its position as a key player in regional trade and global value chains.