IFC invests in Lagos Free Zone to support industrial growth and economic diversification in Nigeria

Lagos, Nigeria, 7th January 2025—IFC has announced an equity investment of up to $ 50 million in Lagos Free Zone Company to support the development and expansion of Nigeria’s first deep -sea, private special economic zone, Lagos Free Zone. This investment is designed to tackle critical infrastructure holes, attract local and global businesses and contribute to Nigeria’s economic diversification agenda.

The funds support the first phase of the 860 hectare Lagos free zone focusing on soil development, industrial facilities and logistics infrastructure. Owned by Singapore -based Tolaram, a diversified multinational group with operations throughout Africa, Asia and Europe, Lagos Free Zone’s strategically integrated with Lekki Deep Sea Port and will provide an integrated industrial ecosystem for effective import and export operations serving as a Gateway to Nigeria’s integration into global value chains.

With Nigeria’s economy expected to grow by 3.7% in 2026, investments in infrastructure are crucial to ensure sustainable growth. When fully occupied, Lagos Free Zone is expected to create about 30,000 direct, indirect and induced jobs, while contributing significantly to Nigeria’s GDP after the end.

“This investment reflects IFC’s obligation to promote inclusive economic growth and sustainable development in Nigeria. Lagos Free Zone is ready to become a transformative hub for industrial activity, run job creation and improve Nigeria’s competitiveness in global markets. We are proud to cooperate with Lagos Free Zone in building the infrastructure needed to attract global and local businesses, enabling Nigeria to reach its full financial potential.“ said, Dahlia Khalifa, IFC Regional Director, Central Africa and Anglophone West Africa.

The investment in Lagos Free Zone also reflects IFC’s obligation to sustainable development with a focus on green infrastructure. About 15% of the investment is earmarked for climate -related initiatives, including expertise in design for greater efficiency (edge) certified buildings and climate silient infrastructure.

“IFC’s support represents a significant and positive recognition of our vision of establishing Lago’s free zone as an industrial world -class hub. This investment allows us to scale up the existing infrastructure to attract more foreign and local tenants while promoting sustainability and creating financial opportunities for Nigeria. Lagos Free Zone, integrated with Lekki Deep Sea Port, facilitates easy to do business in Nigeria and support the federal government of Nigeria’s driving force for economic diversification and infrastructure development. We look forward to creating growth and delivering lasting influence through this transformative collaboration with IFC ”. Added, Adesuwa Ladoja, MD/CEO on Lagos Free Zone Company

Lagos Free Zone is already home to several production marks such as Kellogg’s, Dano Milk, Colgate, BASF, CEO and TATA International.

This investment is in line with Nigeria’s ongoing financial reforms and IFC’s strategic framework including World Bank Group’s Nigeria Country Partnership Framework (2021–2025) and its 2015 Climate Action PlanAs both prioritize economic diversification, the development of competitive clusters and investments in climate silent infrastructure.

By tackling infrastructure bottlenecks and improving connection, IFC’s investment in Lagos Free Zone will lock new opportunities for businesses and strengthen Nigeria’s position as a regional economic leader.