IFC invests in Lagos Free Zone in Nigeria
Delhi Delhi: IFC has announced an equity investment of up to $50 million in the Lagos Free Zone Company to support the development and expansion of Lagos Free Zone, Nigeria’s first deep-sea port-based private special economic zone. The investment is designed to address critical infrastructure deficiencies, attract local and global businesses, and contribute to Nigeria’s economic diversification agenda.
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 Tolram, a diversified multinational group with operations in Africa, Asia, and Europe, the Lagos Free Zone is strategically 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.
With Nigeria’s economy projected to grow by 3.7% by 2026, investment in infrastructure is critical to ensure sustainable growth. When fully populated, the Lagos Free Zone is expected to create approximately 30,000 direct, indirect and induced jobs, while contributing significantly to Nigeria’s GDP upon completion.
“This investment reflects IFC’s commitment to promoting inclusive economic growth and sustainable development in Nigeria. The Lagos Free Zone is set to become a transformational hub for industrial activity that will drive job creation and enhance Nigeria’s competitiveness in global markets. We are proud to partner with the Lagos Free Zone in building the infrastructure needed to attract global and local businesses, allowing Nigeria to achieve its full economic potential,” said IFC Regional Director, Central Africa and Anglophone West Africa, Dahlia Khalifa.
The investment in the Lagos Free Zone also reflects IFC’s commitment to sustainable development, with a focus on green infrastructure. Approximately 15% of the investment is earmarked for climate-related initiatives, including Excellence in Design for Growth (EDGE)-certified buildings and climate-resilient infrastructure.
“IFC’s support represents a significant and positive validation of our vision to establish the Lagos Free Zone as a world-class industrial hub. This investment allows us to enhance existing infrastructure to attract more foreign and local tenants while also promoting sustainability and creating economic opportunities for Nigeria. The Lagos Free Zone integrated with the Lekki Deep Sea Port enhances the 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 transformational collaboration with IFC,” said Adesuwa Ladoja, MD/CEO of Lagos Free Zone Company.
