IFC Invests $50 Million in Nigeria's Pioneering Lagos Free Zone Project

IFC has committed up to $50 million in the Lagos Free Zone Company, bolstering Nigeria's first deep-sea port-based private economic zone. This initiative aims to bridge infrastructure gaps, lure businesses, and aid Nigeria’s economic diversification. The zone is pivotal for Nigeria's economic growth, job creation, and global competitiveness.

The International Finance Corporation (IFC) has announced a significant equity investment of up to $50 million in the Lagos Free Zone Company. This investment aims to support the development of Nigeria's first private special economic zone, which is strategically positioned around a deep-sea port.

The funding will be used for land development, industrial facilities, and logistics infrastructure in the 860-hectare zone, owned by Singapore's Tolaram group. The initiative is expected to create around 30,000 jobs and significantly contribute to Nigeria's GDP upon full operation.

This investment not only underscores IFC's commitment to economic sustainability but also includes a 15% allocation to climate-related projects. The plan aligns with Nigeria's economic reforms and IFC's strategic climate frameworks, enhancing global business connectivity and positioning Nigeria as a regional economic leader.