Lagos Free Zone Secures $50M IFC Investment to Drive Economic Expansion

IFC Invests $50M in Lagos Free Zone to Boost Nigeria’s Industrial Growth

The International Finance Corporation (IFC) has announced a $50 million equity investment in the Lagos Free Zone Company (LFZ) to accelerate Nigeria’s industrial growth and economic diversification. The announcement was made by Dahlia Khalifa, IFC Regional Director for Central Africa and Anglophone West Africa, during an official signing ceremony in Lagos.

Khalifa highlighted that the investment will support the development and expansion of Nigeria’s first deep-sea port, strategically located within the Lagos Free Zone. She emphasized that this funding aims to bridge critical infrastructure gaps, attract both local and global businesses, and advance Nigeria’s economic diversification agenda.

Boosting Infrastructure and Economic Growth

The investment will drive the first phase of development for the 860-hectare Lagos Free Zone, focusing on:

• Land development
• Industrial facilities
• Logistics infrastructure

Owned by Tolaram, a multinational conglomerate with operations across Africa, Asia, and Europe, Lagos Free Zone offers an integrated industrial ecosystem designed to enhance import and export efficiency. This initiative is set to position Nigeria as a key player in global value chains.

With Nigeria’s economy projected to grow by 3.7% by 2026, Khalifa stressed the importance of infrastructure investments in ensuring sustainable economic expansion.

“Once fully operational, Lagos Free Zone is expected to generate approximately 30,000 direct, indirect, and induced jobs while making a substantial contribution to Nigeria’s GDP.” – Dahlia Khalifa, IFC

She further noted that this investment underscores IFC’s commitment to fostering inclusive growth and sustainable development in Nigeria.

Driving Sustainability and Climate Resilience

A key component of the IFC investment is its commitment to sustainable infrastructure. Around 15% of the funding is allocated to climate-related initiatives, including:

• EDGE-certified buildings (Excellence in Design for Greater Efficiencies)
• Climate-resilient infrastructure

Lagos Free Zone: A World-Class Industrial Hub

Adesuwa Ladoja, Managing Director of Lagos Free Zone Company, welcomed the investment, calling it a major step toward realizing the vision of Lagos Free Zone as a world-class industrial and business hub.

“IFC’s support allows us to scale up infrastructure, attract more foreign and local tenants, and drive sustainable economic growth in Nigeria.” – Adesuwa Ladoja, LFZ

She also emphasized that Lagos Free Zone’s integration with the Lekki Deep Sea Port will streamline business operations, reinforcing the Nigerian government’s economic diversification efforts.

“This partnership aligns with Nigeria’s economic reforms and IFC’s strategic framework, unlocking new opportunities for businesses while strengthening Nigeria’s position as a regional economic leader.” – Adesuwa Ladoja, LFZ

Conclusion

The IFC’s $50 million investment in Lagos Free Zone marks a transformative step toward enhancing Nigeria’s industrial capacity, improving infrastructure, and promoting sustainable development. With this strategic collaboration, Nigeria is poised for stronger global market integration, increased job creation, and long-term economic prosperity.