IFC invests $50mn in Lagos Free Zone to spur growth in Nigeria

 International Finance Corporation (IFC) has announced an investment of up to $50 million in Lagos Free Zone to support the development and expansion of Nigeria’s first deepsea port-based, private special economic zone.

The investment is designed to address critical infrastructure gaps, attract local and global businesses and contribute to Nigeria’s economic diversification agenda, says an official release from Lagos Free Zone.

"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 Singapore-based Tolaram, a diversified multinational group with operations across Africa, Asia and Europe, Lagos Free Zone is integrated with the Lekki Deep Sea Port and will provide an integrated industrial ecosystem for efficient import and export operations, serving as a gateway for Nigeria’s integration into global value chains."

When fully occupied, Lagos Free Zone is expected to create approximately 30,000 direct, indirect and induced jobs, the release added.

"This investment reflects IFC’s commitment to fostering inclusive economic growth and sustainable development in Nigeria," says Dahlia Khalifa, Regional Director, Central Africa and Anglophone West Africa, IFC. "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."

Adesuwa Ladoja, MD/CEO, Lagos Free Zone adds: "IFC’s support represents a significant and positive recognition of our vision to establish Lagos Free Zone as a world-class industrial hub. This investment allows us to scale up the existing infrastructure to attract more foreign and local tenants while promoting sustainability and creating economic opportunities for Nigeria. Lagos Free Zone, integrated with Lekki Deep Sea Port, facilitates ease of doing business in Nigeria and supports the Federal Government of Nigeria’s drive for economic diversification and infrastructure development. We look forward to driving growth and delivering lasting impact through this transformative collaboration with the IFC."

Lagos Free Zone is home to manufacturing brands like Kellogg’s, Dano Milk, Colgate, BASF, ADM, and Tata International, the release added.