Would you like to receive notifications on latest updates of the following headlines?

IFC commits $50m to transform LFZ into Industrial Hub

POSTED ON February 8, 2025 •   BUSINESS      BY Abiodun Saheed Omodara
Lagos Free Trade Zone

LAGOS, Nigeria - The International Finance Corporation (IFC) has declared a $50 million equity investment in the Lagos Free Zone Company (LFZ) to enhance Nigeria's industrial development and economic diversification.

Dahlia Khalifa, IFC's regional director for Central Africa and Anglophone West Africa, announced this during an official signing event on Friday in Lagos.

She explained that the investment aims to assist in the construction and growth of Nigeria's first deep sea port located within the Lagos Free Zone.

The funding is expected to tackle critical infrastructure challenges, attract both local and international businesses, and aid in Nigeria's economic diversification efforts.

Khalifa mentioned that the investment will support the initial phase of the 860-hectare Lagos Free Zone, concentrating on land development, industrial facilities, and logistics infrastructure.

The facility is managed by Tolaram, a diversified multinational corporation operating in Africa, Asia, and Europe, providing a cohesive industrial ecosystem that will facilitate effective import and export activities, thereby integrating Nigeria into global value chains.

With Nigeria's economy anticipated to expand by 3.7 percent by 2026, Khalifa emphasized the crucial role of infrastructure investments in fostering sustainable growth.

She stated that once fully operational, the Lagos Free Zone is projected to generate about 30,000 direct, indirect, and induced jobs, significantly contributing to Nigeria's gross domestic product (GDP) upon completion.

"This investment showcases IFC’s dedication to promoting inclusive economic growth and sustainable development in Nigeria. The Lagos Free Zone is set to emerge as a pivotal center for industrial activity, enhancing job creation and improving Nigeria’s competitiveness in international markets. We are pleased to collaborate with Lagos Free Zone in developing the infrastructure needed to attract both global and local businesses, enabling Nigeria to realize its economic potential," she remarked.

Khalifa further highlighted that the investment aligns with IFC’s commitment to sustainable development, focusing on green infrastructure, with approximately 15 percent allocated for climate-related initiatives, such as EDGE-certified buildings and climate-resilient infrastructure.

Managing director of the Lagos Free Zone Company, Adesuwa Ladoja, commented that IFC’s backing represents a significant acknowledgment of the vision to position Lagos Free Zone as a premier industrial hub.

She noted that the investment enables the company to enhance existing infrastructure to draw more foreign and local tenants while promoting sustainability and generating economic prospects for Nigeria.

Ladoja mentioned that the Lagos Free Zone, integrated with the Lekki Deep Sea Port, facilitates business operations in Nigeria and supports the federal government's economic diversification efforts.

"We are eager to foster growth and create a long-lasting impact through this collaborative effort with the IFC. This investment coincides with Nigeria's ongoing economic reforms and IFC’s strategic priorities, focusing on economic diversification, developing competitive clusters, and investing in climate-resilient infrastructure. By resolving infrastructure constraints and enhancing connectivity, IFC’s investment in the Lagos Free Zone will open new avenues for businesses and bolster Nigeria’s status as a regional economic powerhouse," Ladoja stated.

READ ALSO
FG Mandates GPS Coordinates for Capital Projects Over N150 Million in 2025
BY Abiodun Saheed Omodara July 25, 2025 0

The Federal Government has required that all Ministries, Departments, and Agencies provide the Globa...

READ ALSO
FG Urges Project Accountants to Prioritize Integrity in Fund Management
BY Abiodun Saheed Omodara July 25, 2025 0

The Federal Government has cautioned project accountants and financial officers to prioritize care a...

READ ALSO
Electricity Tariffs: Power Firms Push Back Against State Negotiations
BY Abiodun Saheed Omodara July 24, 2025 0

On Wednesday, energy commissioners from all 36 states announced their willingness to engage with pow...

READ ALSO
CBN Maintain Interest Rate at 27.5%
BY Abiodun Saheed Omodara July 22, 2025 0

The Central Bank of Nigeria (CBN) has decided to keep the country's Monetary Policy Rate (MPR) at 27...

READ ALSO
Economic Reforms Slash Nigeria's Debt Servicing from 97% to 50%- Oloyede
BY Abiodun Saheed Omodara July 22, 2025 0

The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, revealed th...

READ ALSO
CBN, Private Sector Raise Concerns Over Nigeria Customs' B’Odogwu Digital Clearance System
BY Abiodun Saheed Omodara July 21, 2025 0

The Central Bank of Nigeria (CBN) and the organized private sector have expressed concerns regarding...

READ ALSO
Nigeria-Egypt Trade Surges by 68%, Foreign Minister Highlights Trade Imbalance
BY Abiodun Saheed Omodara July 21, 2025 0

Trade between Nigeria and Egypt has seen a significant increase of 68.45 percent over the past year....

READ ALSO
Enugu State Cuts Electricity Tariff for Band A Customers to N160/kWh, Effective August 1, 2025
BY Abiodun Saheed Omodara July 21, 2025 0

The Enugu State Electricity Regulatory Commission has released a new tariff order for MainPower Elec...

OUR CHANNELS:

FG Targets Two Million Jobs with Social Housing Programme
BY Abiodun Saheed Omodara July 28, 2025 0

The Federal Government has set an ambitious target of creating over two million jobs throughout Nige...


Nigeria, South Africa World Cup Qualifier Set for September 9 in Bloemfontein
BY Abiodun Saheed Omodara July 28, 2025 0

FIFA has announced that South Africa's 2026 World Cup qualifying match against Nigeria will take pla...


EU Reaffirms Support for Peace-building in Nigeria
BY Abiodun Saheed Omodara July 28, 2025 0

The head of the European Union delegation to Nigeria and ECOWAS,Reuben Alba,reaffirmed the EU's dedi...


Ogun Imams Raise Alarm over Proposed Daytime Curfew for Traditional Rites, Cite Constitutional Breach
BY Abiodun Saheed Omodara July 28, 2025 0

The League of Imams and Alfas in Ogun State raised concerns on Sunday regarding traditionalists' int...


Tinubu Promises Grand Celebration as Super Falcons Clinch 10th WAFCON Title
BY Abiodun Saheed Omodara July 28, 2025 0

President Bola Tinubu has promised the Super Falcons a grand celebration when they return from Moroc...


NDLEA Uncovers Creative Concealment Methods, Nabs Chinese Businessman in Drug Busts
BY Abiodun Saheed Omodara July 28, 2025 0

The National Drug Law Enforcement Agency (NDLEA) has detained a Chinese businessman, Liang Tak You,...


Three Israeli Soldiers Killed in Gaza, Raising Toll to 462 Since Ground Offensive Began
BY Abiodun Saheed Omodara July 28, 2025 0

The military reported that two Israeli soldiers lost their lives in combat in southern Gaza, on Sund...


Yilwatda's Emergence Rekindles Debate on APC's 2027 Muslim-Muslim Ticket
BY Abiodun Saheed Omodara July 28, 2025 0

The rise of Prof Nentawe Yilwatda, a northern Christian from Plateau State, as the National Chairman...


Inter Miami Struggles Without Messi, Settles for 0-0 Draw Against FC Cincinnati
BY Abiodun Saheed Omodara July 27, 2025 0

Inter Miami, missing the suspended Lionel Messi, failed to capitalize on an opportunity to close the...


Nigerians in Diaspora Commission Calls for Increased Funding Amidst Budget Constraints
BY Abiodun Saheed Omodara July 27, 2025 0

The Director-General of the Nigerians in Diaspora Commission, Abike Dabiri-Erewa, has called for enh...


More Articles

Load more...

Menu