President Bola Tinubu has commended Lagos Free Zone (a Tolaram initiative) on securing a $50 million equity ED investment from the International Finance Corporation (IFC) to support the development and expansion of Nigeria’s first deep-sea port-based private special economic zone.
The President described the investment as a significant endorsement of Nigeria’s economic potential, noting that it comes on the heels of Tolaram’s landmark acquisition of Guinness Nigeria last year.
“The combination of these two major investments is a testament to the success of our Renewed Hope Agenda and our ongoing efforts to attract substantial foreign direct investment. This latest commitment by the IFC underscores global confidence in Nigeria’s economy and our vision for industrial expansion,” President Bola Tinubu said.
Under the agreement, the funds will support the first phase of the 860-hectare Lagos Free Zone, focusing on land development, industrial facilities, and logistics infrastructure.
This will strengthen Nigeria’s position as a trade hub by ensuring an integrated industrial
ecosystem for seamless import and export operations, boosting the country’s participation in global value chains.
President Tinubu emphasised the importance of such investments in driving sustainable economic growth, citing projections that Nigeria’s economy will expand by 3.7% by 2026. He noted that the Lagos Free Zone’s expansion will create thousands of jobs, enhance productivity, and contribute significantly to Nigeria’s GDP.
“We are grateful to Tolaram for its continued commitment to Nigeria, having operated in the country for 50 years. I am particularly pleased that 15% of this investment is earmarked for climate-related initiatives, aligning with our national commitment to sustainability,” the President stated.
Reaffirming his administration’s commitment to fostering a business-friendly environment, President Bola Tinubu welcomed investments that unlock new opportunities for businesses, create employment, and reinforce Nigeria’s position as a regional economic powerhouse.
