The International Finance Corporation (IFC) has signed an equity investment deal worth $50 million with the Lagos Free Zone Company (LFZ) to drive Nigeria’s industrial growth.
The IFC Regional Director for Central Africa and Anglophone West Africa, Dahlia Khalifa, disclosed during the official signing of the deal on Friday in Lagos.
Khalifa said the investment was to support the development and expansion of Nigeria’s first Deep Sea Port sited in the Lagos Free Zone.
She added that the investment was designed to address critical infrastructure gaps, attract local and global businesses, and contribute to Nigeria’s economic diversification agenda.
The IFC director said the funds would support the first phase of the 860-hectare Lagos Free Zone, focusing on land development, industrial facilities, and logistics infrastructure.
Khalifa also said the facility owned by Tolaram, a diversified multinational group with operations across Africa, Asia, and Europe, would provide an integrated industrial ecosystem.
She said: “This will drive efficient import and export operations, serving as a gateway for Nigeria’s integration into global value chains.”
She noted that with Nigeria’s economy projected to grow by 3.7 percent by 2026, investments in infrastructure were 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 Gross Domestic Product (GDP) upon completion.
“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,” the IFC official stated.
Khalifa said 15 percent of the investment was earmarked for climate-related initiatives, including Excellence in Design for Greater Efficiencies (EDGE)-certified buildings and climate-resilient infrastructure.
Commenting on the investment, the LFZ Managing Director, Adesuwa Ladoja, said that IFC’s support represented a positive recognition of the vision to establish Lagos Free Zone as a world-class industrial hub.
Ladoja said the investment allowed the company to scale up existing infrastructure to attract more foreign and local tenants while promoting sustainability and creating economic opportunities for Nigeria.
She said the LFZ integration with Lekki deep sea port facilitated ease of doing business in Nigeria and supports the Federal Government’s drive for economic diversification.
Ladoja said: “We look forward to driving growth and delivering lasting impact through this transformative collaboration with the IFC.
“This investment aligns with Nigeria’s ongoing economic reforms and IFC’s strategic frameworks which prioritise economic diversification, development of competitive clusters, and investments in climate-resilient infrastructure.”
By: Babajide Okeowo
