The International Finance Corporation (IFC) has signed a $50 million equity investment deal with the Lagos Free Zone Company (LFZ) to accelerate Nigeria's industrial growth and attract global businesses.Announced in Lagos on Friday, the deal aims to s… Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader IFC, Lagos Free Zone seal $50M deal to boost industrial growth By sbinsights on February 8, 2025 The International Finance Corporation (IFC) has signed a $50 million equity investment deal with the Lagos Free Zone Company (LFZ) to accelerate Nigeria's industrial growth and attract global businesses. Announced in Lagos on Friday, the deal aims to support the expansion of Nigeria's first Deep Sea Port, located within the 860-hectare Lagos Free Zone, and address critical infrastructure gaps. Investment to Enhance Industrial Development Speaking at the signing ceremony, Dahlia Khalifa, IFC Regional Director for Central Africa and Anglophone West Africa, stated that the funds will be used to develop industrial facilities, logistics infrastructure, and land expansion within the zone. Khalifa emphasized that the Lagos Free Zone, owned by Tolaram Group, is set to become a key gateway for global trade, enhancing Nigeria's ability to integrate into international value chains. "With Nigeria's economy projected to grow by 3.7% by 2026, infrastructure investments like this are crucial for sustained economic expansion. When fully operational, the Lagos Free Zone will create around 30,000 direct and indirect jobs, significantly contributing to the nation's GDP," she said. Lagos Free Zone: A Hub for Trade and Climate-Friendly Investments The investment also aligns with sustainability goals, as 15% of IFC's funding will support climate-related projects, including the development of EDGE-certified green buildings and climate-resilient infrastructure. Read also IFC, Lagos Free Zone seal $50M deal to boost industrial growth Exporters report $10M loss in five days over CBN's new export system FG equips youths, women with ICT, AI skills for modern farming FG rolls out N50,000 monthly support for youths IFC invests $70m in Nigerian firms to boost renewable energy access LFZ Managing Director, Adesuwa Ladoja, welcomed the investment as a milestone in positioning the Lagos Free Zone as a world-class industrial hub. "This investment will help scale up infrastructure, attract more local and international businesses, and drive economic diversification," Ladoja stated. She highlighted that the LFZ's integration with the Lekki Deep Sea Port will enhance the ease of doing business, supporting the Federal Government's economic diversification strategy. "We look forward to driving sustainable growth and delivering lasting economic impact through this strategic partnership with IFC," she added. A Game Changer for Nigeria's Industrial Competitiveness With this investment, Nigeria is set to strengthen its industrial base, create new economic opportunities, and enhance its competitiveness in global markets. The Lagos Free Zone's transformation into a premier trade and manufacturing hub will position Nigeria as a leading destination for foreign direct investment, further reinforcing the country's push toward economic resilience and job creation.

SMALL BUSINESS INSIGHTS © 2025. Manage your email settings or unsubscribe. Get the Jetpack app Subscribe, bookmark, and get real‑time notifications - all from one app! Automattic, Inc. 60 29th St. #343, San Francisco, CA 94110

Exporters under the Association of West African Exporters and Maritime Professionals (AWAEMAP) have raised concerns over disruptions caused by the integration of the Central Bank of Nigeria's (CBN) Export Proceeds system with the Truck Transit Park (T… Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader Exporters report $10M loss in five days over CBN's new export system By sbinsights on February 7, 2025 Exporters under the Association of West African Exporters and Maritime Professionals (AWAEMAP) have raised concerns over disruptions caused by the integration of the Central Bank of Nigeria's (CBN) Export Proceeds system with the Truck Transit Park (TTP) platform. The association revealed that over $10 million has been lost in just five days, attributing the setback to new bottlenecks created by the integration. In a statement issued on Friday, Olubunmi Olumekun, AWAEMAP President, criticized the move, calling it an illegal imposition that has severely impacted Nigeria's export sector. CBN's Export System Disrupts Trade On Thursday, Trucks Transit Parks Ltd (TTP), managers of Nigeria's electronic call-up system, announced the successful integration of the CBN Export Proceeds (NXP) system with its platform. The new system was designed to streamline export processes, ensuring better oversight and compliance. However, exporters argue that instead of improving efficiency, the change has introduced operational bottlenecks, delaying shipments and increasing compliance burdens. "The imposition of NXP into the Truck Transit Park portal has caused severe disruptions in the export sector, leading to over $10 million in losses within just five days," Olumekun stated. Read also Exporters report $10M loss in five days over CBN's new export system FG equips youths, women with ICT, AI skills for modern farming FG rolls out N50,000 monthly support for youths IFC invests $70m in Nigerian firms to boost renewable energy access Manufacturers decry power tariff hike, demand DisCos performance audit Small Businesses, Agriculture Exporters Hardest Hit The delays at port terminals have hit small and medium-sized exporters (SMEs) hardest, particularly those dealing in perishable agricultural products. Experts warn that prolonged turnaround times will affect product quality, increase export costs, and shrink profit margins for businesses. Olumekun emphasized that the new system must be refined to avoid unnecessary setbacks, as SMEs and agribusiness exporters play a crucial role in Nigeria's foreign trade. "The NXP integration is slowing down exports instead of streamlining the process. We strongly urge the Nigerian Ports Authority (NPA) and relevant agencies to revisit this approach and eliminate inefficiencies," he added. Call for Urgent Government Intervention AWAEMAP has called on the Federal Government to address the disruptions immediately to prevent further economic losses. The group insists that Nigeria's trade policies should support ease of doing business, not introduce bureaucratic hurdles that stifle export growth. Experts stress that fixing these export challenges is crucial for Nigeria's non-oil revenue growth, job creation, and SME expansion in international markets.

SMALL BUSINESS INSIGHTS © 2025. Manage your email settings or unsubscribe. Get the Jetpack app Subscribe, bookmark, and get real‑time notifications - all from one app! Automattic, Inc. 60 29th St. #343, San Francisco, CA 94110

[53+] Parc D'aventure Nature - ..