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Eromosele Abiodun

IFC has announced an equity investment of up to $50 million in Lagos Free Zone Company to support the development and expansion of Nigeria’s first deepsea port-based, private special economic zone, the Lagos Free Zone (LFZ).

The investment, according to a statement, is designed to address critical infrastructure gaps, attract local and global businesses, and contribute to Nigeria’s economic diversification agenda.

“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 s 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, Lagos Free Zone is expected to create approximately 30,000 direct, indirect, and induced jobs, while contributing significantly to Nigeria’s GDP upon completion,” the statement said.

“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.”said, IFC Regional Director, Central Africa and Anglophone West Africa, Dahlia Khalifa.

IFC said the investment in Lagos Free Zone also reflects it’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.”

“IFC’s support represents a significant and positive recognition of our vision to establish  Lagos Free Zone as a world-class industrial hub. 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,” Added MD/CEO at Lagos Free Zone Company, Adesuwa Ladoja.