Tinubu hails IFC’s $50m investment in Lagos Free Zone

President Bola Ahmed Tinubu has commended the International Finance Corporation (IFC) for its $50 million equity investment in the Lagos Free Zone, describing it as a strong endorsement of Nigeria’s economic direction under his administration.
The investment, aimed at expanding the country’s first deep-sea port-based private special economic zone, is expected to enhance industrial growth and attract further foreign direct investment.
According to a statement issued on Wednesday by his Special Adviser on Information and Strategy, Bayo Onanuga, the President said, “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 facilitate import and export operations, strengthening Nigeria’s role in global value chains.
The IFC’s investment will support land development, industrial expansion, and logistics infrastructure within the 860-hectare zone, reinforcing the country’s broader economic diversification strategy.
President Tinubu also praised Tolaram, the developer of the Lagos Free Zone, for its long-term commitment to Nigeria’s industrialisation.
He noted that the company’s deepening investments, including its acquisition of Guinness last year, reflect the nation’s strong appeal as an investment hub.
“Tolaram’s continued efforts to drive industrialisation, create jobs, and foster economic growth align perfectly with our vision for a more prosperous Nigeria,” he said.
The President reaffirmed his administration’s commitment to fostering a business-friendly environment to attract larger, transformative investments.
He also highlighted the IFC’s broader partnership with Nigeria, including its $70 million support for power sector initiatives to bolster 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,” Tinubu added.