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.
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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.
