The International Finance Corporation (IFC) has invested up to $50 million in Lagos Free Zone Company. This investment will expand Nigeria’s first deep-sea port-based economic zone. It will help improve infrastructure, attract businesses, and support Nigeria’s economic diversification.
The Lagos Free Zone covers 860 hectares. The first phase will focus on land development, industrial facilities, and logistics. Singapore-based Tolaram owns the zone and integrates it with Lekki Deep Sea Port. This setup will make imports and exports more efficient.
Nigeria’s economy is projected to grow by 3.7% by 2026. Infrastructure investments are crucial to achieving sustainable growth. When fully developed, Lagos Free Zone will create about 30,000 jobs. It will also boost Nigeria’s GDP significantly.
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A New Hub for Industrial Growth
“This investment reflects IFC’s commitment to fostering inclusive economic growth and sustainable development in Nigeria,” said Dahlia Khalifa, IFC Regional Director. “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.”
IFC’s investment also supports sustainable development. About 15% of the funds will go to climate-friendly projects. These include green buildings and climate-resilient infrastructure. The investment follows the World Bank’s Nigeria Country Partnership Framework and its 2015 Climate Action Plan.
Lagos Free Zone already hosts top global brands like Kellogg’s, Dano Milk, Colgate, BASF, ADM, and Tata International. This project aligns with Nigeria’s economic reforms and promotes global trade links.
“IFC’s support represents a significant and positive recognition of our vision to establish Lagos Free Zone as a world-class industrial hub,” said Adesuwa Ladoja, MD/CEO at Lagos Free Zone Company. “This investment allows us to scale up the existing infrastructure to attract more foreign and local tenants while promoting sustainability and creating economic opportunities for Nigeria. Lagos Free Zone, integrated with Lekki Deep Sea Port, facilitates ease of doing business in Nigeria and supports the Federal Government of Nigeria’s drive for economic diversification and infrastructure development. We look forward to driving growth and delivering lasting impact through this transformative collaboration with the IFC.”
By solving infrastructure challenges and improving connectivity, IFC’s investment will attract businesses and strengthen Nigeria’s economy. The Lagos Free Zone will help Nigeria compete in global markets and support long-term economic growth.