President Bola Tinubu has commended the International Finance Corporation (IFC) for its $50m equity investment in the Lagos Free Zone, describing it as a strong vote of confidence in Nigeria’s economic direction......CONTINUE READING THE ARTICLE FROM THE SOURCE>>>>>
The investment, a partnership with Tolaram, seeks to support efforts at developing and expanding Nigeria’s first deep-sea port-based private special economic zone.
Tinubu said the funding reinforces Nigeria’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,” presidential spokesperson Bayo Onanuga quoted Tinubu as having 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.
“With improved industrial and logistics infrastructure, we are creating an integrated ecosystem that will accelerate exports, attract more investment, and enhance our global competitiveness.”
The Lagos Free Zone, integrated with the Lekki Deep Sea Port, is expected to improve import and export operations, enhance Nigeria’s role in global value chains, and foster a more efficient business environment.
The IFC’s investment will go toward land development, industrial expansion, and logistics infrastructure within the 860-hectare zone, aligning with Nigeria’s broader economic diversification strategy.
Tinubu also acknowledged Tolaram’s long-standing commitment to Nigeria’s economic growth, citing its deepening investments across various sectors, including its recent acquisition of Guinness.
He praised the company’s efforts in driving industrialisation, creating jobs, and boosting economic development.
Tinubu further reaffirmed his administration’s commitment to fostering a business-friendly environment to attract more transformative investments.
He also acknowledged the IFC’s long-standing 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,” Tinubu added.
Announcing the investment days ago, the IFC Regional Director, Central Africa and Anglophone West Africa, Dahlia Khalifa, had said, “The funds will support the first phase of the 860-hectare Lagos Free Zone, focusing on land development, industrial facilities, and logistics infrastructure. Owned by Singapore-based Tolaram, a diversified multinational group with operations across Africa, Asia, and Europe, Lagos Free Zone is strategically integrated with the Lekki Deep Sea Port and will provide an integrated industrial ecosystem for efficient import and export operations, serving as a gateway for Nigeria’s integration into global value chains.
“With Nigeria’s economy projected to grow by 3.7 per cent by 2026, investments in infrastructure are vital to ensuring sustainable growth. When fully occupied, the Lagos Free Zone is expected to create approximately 30,000 direct, indirect, and induced jobs while contributing significantly to Nigeria’s GDP upon completion.
“This investment reflects IFC’s commitment to fostering inclusive economic growth and sustainable development in Nigeria. Lagos Free Zone is poised to become a transformative hub for industrial activity, driving job creation and enhancing Nigeria’s competitiveness in global markets. We are proud to partner with Lagos Free Zone in building the infrastructure necessary to attract global and local businesses, enabling Nigeria to achieve its full economic potential.”
Khalifa added that the investment in Lagos Free Zone also reflects IFC’s commitment to sustainable development, “with a focus on green infrastructure. Approximately 15 per cent of the investment is earmarked for climate-related initiatives, including Excellence in Design for Greater Efficiencies (EDGE)-certified buildings and climate-resilient infrastructure.”