12th February, 2025
By Kazeem Ugbodaga
President Bola Tinubu has lauded the International Finance Corporation (IFC) for its continued confidence in Nigeria’s economy, following its $50 million equity investment in the Lagos Free Zone.
The Tolaram-led initiative aims to develop and expand Nigeria’s first deep-sea port-based private special economic zone.
Describing the investment as a strong endorsement of Nigeria’s economic trajectory under his administration, President Tinubu highlighted its significance in attracting foreign direct investment and bolstering industrial growth.
“The expansion of the Lagos Free Zone is critical to our vision of positioning Nigeria as the gateway for trade and investment in West Africa and across the continent. This investment by the IFC not only strengthens Nigeria’s industrial base but also demonstrates the growing confidence of international investors in our economic policies.
“With improved industrial and logistics infrastructure, we are creating an integrated ecosystem that will accelerate exports, attract more investment, and enhance our global competitiveness,” President Tinubu said.
Strategically integrated with the Lekki Deep Sea Port, the Lagos Free Zone is designed to enhance import and export operations, reinforce Nigeria’s role in regional and global value chains, and foster a more efficient business environment.
The IFC’s investment will facilitate land development, industrial expansion, and logistics infrastructure within the 860-hectare zone, aligning with Nigeria’s broader economic diversification strategy.
President Tinubu also acknowledged Tolaram’s longstanding commitment to Nigeria’s economic growth, noting the group’s increasing investments—from industrial zones to consumer goods and manufacturing.
He cited its acquisition of Guinness last year as a testament to Nigeria’s strong potential as an investment hub and welcomed the company’s sustained efforts in driving industrialisation, job creation, and economic advancement.
Reiterating his administration’s resolve to maintain a business-friendly environment, President Tinubu underscored the importance of attracting even larger transformative investments across key sectors.
He also highlighted the IFC’s growing engagement with Nigeria, particularly its $70 million support for power sector initiatives aimed at bolstering the nation’s energy security.
“We value the IFC’s commitment to Nigeria’s economic progress and look forward to deeper engagements that will drive large-scale infrastructure projects, strengthen our industrial base, and create thousands of jobs for Nigerians,” the President added.
