IFC Invests $50 Million in Lagos Free Zone for Economic Growth

The International Finance Corporation (IFC) has committed up to $50 million in equity to support the expansion of Lagos Free Zone, Nigeria's first private special economic zone based at a deepsea port. This strategic investment aims to fill infrastructure gaps and attract both local and global businesses, aligning with Nigeria's economic diversification goals.

The investment will facilitate the development of the zone's first phase, covering 860 hectares. This includes land, industrial facilities, and logistics infrastructure development. Lagos Free Zone, owned by Tolaram, aims to create an industrial ecosystem integrated with Lekki Deep Sea Port, enhancing Nigeria's integration into global value chains.

Projections indicate Nigeria's economy could grow by 3.7% by 2026. The free zone is expected to generate around 30,000 jobs, positively impacting Nigeria's GDP. Additionally, 15% of the investment is allocated to climate-friendly infrastructure, underscoring IFC's commitment to sustainability.