IFC Invests in Lagos Free Zone to Support Industrial Growth and Economic Diversification in Nigeria

IFC
has
announced
an
equity
investment
of
up
to
$50
million
in
Lagos
Free
Zone
Company
to
support
the
development
and
expansion
of
Nigeria’s
first
deep-
sea
port-based,
private
special
economic
zone,
the
Lagos
Free
Zone.
This
investment
is
designed
to
address
critical
infrastructure
gaps,
attract
local
and
global
businesses,
and
contribute
to
Nigeria’s
economic
diversification
agenda.

Signing
ceremony
between
International
Finance
Corporation
(IFC)
and
Lagos
Free
Zone
(LFZ)

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
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.

Signing
ceremony
between
International
Finance
Corporation
(IFC)
and
Lagos
Free
Zone
(LFZ)

With
Nigeria’s
economy
projected
to
grow
by
3.7%
by
2026,
investments
in
infrastructure
are
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
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,”
said,

Dahlia
Khalifa,
IFC
Regional
Director,
Central
Africa
and
Anglophone
West
Africa.

The
investment
in
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
Greater
Efficiencies
(EDGE)-certified
buildings
and
climate-resilient
infrastructure.

“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,” Added,

Adesuwa
Ladoja,
MD/CEO
at
Lagos
Free
Zone
Company.

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

This
investment
aligns
with
Nigeria’s
ongoing
economic
reforms
and
IFC’s
strategic
frameworks,
including
the
World
Bank
Group’s
Nigeria
Country
Partnership
Framework
(2021–2025)
and
its
2015
Climate
Action
Plan,
both
of
which
prioritize
economic
diversification,
the
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.

About
Lagos
Free
Zone
Promoted
by
Singapore-based
Tolaram,
Lagos
Free
Zone
is
the
first
privately
held
deep
sea
port-
based
free
trade
zone
in
Nigeria.
Centrally
located
in
Lagos
State,
the
commercial
center
of
West
Africa’s
largest
economy,
the
zone
covers
an
area
of
860
hectares.
It
is
fully
equipped
with
world-
class
infrastructure,
a
single
window
clearance
for
ease
of
doing
business,
and
integrated
with
the
90
hectares
Lekki
Deep
Sea
Port,
which
allows
for
access
to
regional
and
international
markets.

For
more
information,
visit

www.lagosfreezone.com.