- IFC invests $50M in Lagos Free Zone to boost Nigeria’s economy.
- The project will create 30,000 jobs and enhance global trade.
- 15% of the funds will support climate-friendly infrastructure.
The International Finance Corporation (IFC) has announced a $50 million equity investment in the Lagos Free Zone (LFZ) to support Nigeria’s industrial development and economic diversification.
Dahlia Khalifa, IFC’s Regional Director for Central Africa and Anglophone West Africa, made the announcement at an official signing event in Lagos on Friday.
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She emphasized that the investment would help develop and expand Nigeria’s first deep-sea port, addressing critical infrastructure gaps and attracting both local and global businesses.
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 Tolaram, a multinational group operating across Africa, Asia, and Europe, the Lagos Free Zone aims to provide an integrated industrial ecosystem that will enhance import and export operations and integrate Nigeria into global value chains.
Khalifa highlighted that with Nigeria’s economy projected to grow by 3.7% by 2026, investments in infrastructure are essential for sustainable growth.
She noted that once fully operational, the Lagos Free Zone is expected to create approximately 30,000 jobs and contribute significantly to Nigeria’s Gross Domestic Product (GDP).
“This investment reflects IFC’s commitment to fostering inclusive economic growth and sustainable development in Nigeria,” Khalifa said. “Lagos Free Zone is poised to become a transformative hub for industrial activity, driving job creation and enhancing Nigeria’s competitiveness in global markets.”
A portion of the investment, approximately 15%, will be directed toward climate-related initiatives.
These include Excellence in Design for Greater Efficiencies (EDGE)-certified buildings and climate-resilient infrastructure, reinforcing IFC’s commitment to sustainable development.
Adesuwa Ladoja, Managing Director of Lagos Free Zone Company, described IFC’s support as a significant recognition of the zone’s vision to become a world-class industrial hub.
She said the investment would allow LFZ to scale up infrastructure, attract more tenants, and promote sustainability.
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“The Lagos Free Zone, integrated with Lekki Deep Sea Port, facilitates ease of doing business in Nigeria and supports the federal government’s economic diversification agenda,” Ladoja said.
She added that the collaboration with IFC would drive growth, unlock new business opportunities, and strengthen Nigeria’s position as a leading economic hub in the region.
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