The International Finance Corporation (IFC) has invested $50 million in Lagos Free Zone Company. This funding aims to expand the Lagos Free Zone (LFZ) and attract more businesses.
Expanding Infrastructure and Economic Growth
The investment will support the first phase of the 860-hectare zone. It will help close infrastructure gaps and bring in both local and international investors. This move also aligns with Nigeria’s economic diversification efforts.
At the signing event in Lagos, investors expressed optimism. Many believe this initiative will reshape Nigeria’s trade and industrial landscape.
“Lagos Free Zone will drive industrial growth, create jobs, and boost Nigeria’s global competitiveness,” said Dahlia Khalifa, IFC’s regional director.
Strengthening Nigeria’s Global Trade Position
According to IFC, the LFZ will simplify trade processes. It will offer businesses an efficient ecosystem for import and export activities.
Owned by Singapore-based Tolaram, the LFZ integrates with the Lekki Deep Sea Port. This port is expected to be West Africa’s largest and most advanced. Several major manufacturers, including Kellogg’s, Dano Milk, and Colgate, already operate in the zone.
Creating Jobs and Boosting the Economy
Once fully functional, the LFZ will generate about 30,000 jobs. It will also contribute significantly to Nigeria’s GDP. The World Bank projects a 3.7% growth rate for Nigeria’s economy, with this project playing a key role.
“This investment helps us expand infrastructure, attract investors, and create more economic opportunities,” said Adesuwa Ladoja, CEO of Lagos Free Zone Company.
Supporting Climate and Development Goals
The project aligns with the World Bank’s Nigeria Partnership Framework and its 2015 Climate Action Plan. Around 15% of the funds will go toward climate-focused initiatives, including energy-efficient buildings.
“The Lagos Free Zone improves business operations while supporting Nigeria’s economic goals. With IFC’s partnership, we aim to drive long-term growth,” Ladoja added.
