IFC pumps $50 million into Lagos Free Zone to drive trade, industrial growth.
The International Finance Corporation (IFC) has announced an equity investment of $50 million in Lagos Free Zone Company to support the expansion of the Lagos Free Zone (LFZ). The funding will be channelled into the first phase of the 860-hectare territory and is expected to help bridge infrastructure gaps, attract both local and international businesses, and drive economic diversification.
Owned by Singapore-based Tolaram, a multinational group operating across Africa, Asia, and Europe, LFZ is integrated with the Lekki Deep Sea Port, designed to be West Africa’s largest and most advanced port, facilitating international trade. It is already home to major manufacturers including Kellogg’s, Dano Milk, Colgate, BASF, ADM, and Tata International.
Once fully operational, the LFZ is expected to generate about 30,000 jobs, contributing to Nigeria’s GDP and propelling the country’s economy towards a 3.7 percent growth projected by the World Bank. The project aligns with the World Bank Group’s Nigeria Country Partnership Framework (2021–2025) and its 2015 Climate Action Plan, with about 15 percent of the funds earmarked for climate-related initiatives, including Excellence in Design for Greater Efficiencies (EDGE)-certified buildings and climate-resilient infrastructure.
Source: BUSINESSDAY
