Kehinde Fajobi
The International Finance Corporation (IFC) has announced a $50 million equity investment in the Lagos Free Zone Company (LFZ) to support Nigeria’s industrial growth and economic diversification.
Speaking at the signing ceremony in Lagos on Friday, IFC Regional Director Dahlia Khalifa said the funds would aid the expansion of Nigeria’s first deep-sea port within the Lagos Free Zone, addressing infrastructure gaps and attracting global and local businesses.
The investment will finance the first phase of the 860-hectare zone, focusing on land development, industrial facilities, and logistics infrastructure.
Owned by Tolaram, the facility aims to create an integrated industrial ecosystem that will enhance import and export operations.
Khalifa highlighted that Nigeria’s projected 3.7% economic growth by 2026 makes infrastructure investments essential for sustainability.
“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,” she said.
She added that 15% of the investment is earmarked for climate-related initiatives, including EDGE-certified buildings and climate-resilient infrastructure.
Adesuwa Ladoja, Managing Director of Lagos Free Zone Company, described IFC’s support as a recognition of the project’s vision to establish a world-class industrial hub.
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She noted that the investment would help scale up infrastructure, attract investors, and promote sustainability while advancing Nigeria’s economic diversification agenda.
“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 addressing infrastructure bottlenecks and enhancing connectivity, IFC’s investment in Lagos Free Zone will unlock new opportunities for businesses and strengthen Nigeria’s position as a regional economic leader,” Ladoja said.