The International Finance Corporation (IFC) has signed a $50 million equity investment deal with the Lagos Free Zone Company (LFZ) to accelerate Nigeria’s industrial growth and economic diversification.
Speaking at the official signing ceremony in Lagos, IFC Regional Director for Central Africa and Anglophone West Africa, Dahlia Khalifa, stated that the investment would support the expansion of Nigeria’s first Deep Sea Port, strategically located within the Lagos Free Zone.
According to Khalifa, the funding aims to address critical infrastructure gaps, attract both local and global businesses, and strengthen Nigeria’s role in global trade. She emphasized that the investment would focus on land development, industrial facilities, and logistics infrastructure within the 860-hectare zone.
“The Lagos Free Zone is set to drive efficient import and export operations, serving as a gateway for Nigeria’s integration into global value chains,” she said. She further highlighted that with Nigeria’s economy projected to grow by 3.7% by 2026, investments in industrial infrastructure are essential for sustainable growth.
Once fully operational, the Lagos Free Zone is expected to generate approximately 30,000 direct, indirect, and induced jobs while making a significant contribution to Nigeria’s Gross Domestic Product (GDP).
Khalifa noted that 15% of the investment is allocated for climate-related initiatives, including EDGE-certified buildings and climate-resilient infrastructure.
LFZ Managing Director, Adesuwa Ladoja, welcomed the investment, stating that IFC’s support validates the vision of establishing Lagos Free Zone as a world-class industrial hub.
“This investment enables us to expand our existing infrastructure, attract more foreign and local tenants, and drive sustainability while creating economic opportunities for Nigeria,” Ladoja said.
She added that the zone’s integration with the Lekki Deep Sea Port facilitates ease of doing business in Nigeria and aligns with the government’s economic diversification strategy.
“We look forward to delivering lasting impact through this transformative collaboration with the IFC,” Ladoja concluded.
The investment aligns with Nigeria’s ongoing economic reforms and IFC’s strategic focus on economic diversification, competitive industrial clusters, and climate-resilient infrastructure.
