President Bola Ahmed Tinubu has commended the International Finance Corporation (IFC) for its $50 million equity investment in the Lagos Free Zone.
Commending the IFC for its continued confidence in Nigeria’s economy, President Tinubu in a statement signed by his Special Adviser on Information and Strategy, Mr. Bayo Onanuga, described the investment as a testament to the growing trust of global financial institutions in Nigeria’s economic direction under his administration.
The President, who hailed the Tolaram initiative, which supports the development and expansion of Nigeria’s first deep-seaport-based private special economic zone, emphasised that such strategic partnerships reinforce the country’s position as a prime destination for foreign direct investment and industrial growth.
President Tinubu further lauded the IFC, saying the international finance organisation has not only strengthened Nigeria’s industrial base but has demonstrated the growing confidence of international investors in his administration’s economic policies.
“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 has 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.
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The President also acknowledged Tolaram’s long-standing commitment to Nigeria’s economic development, noting that the group’s deepening investments- from industrial zones to consumer goods and manufacturing- following its acquisition of Guinness last year reflects Nigeria’s strong potential as an investment destination.
He welcomed the company’s continued efforts to drive industrialisation, create jobs, and foster economic growth.
While appreciating the IFC’s investment, President Tinubu reaffirmed his administration’s commitment to fostering a business-friendly environment that attracts even larger, transformative investments across key sectors.
President Bola Ahmed Tinubu @officialABAT has commended the International Finance Corporation (IFC) @IFCAfrica for its $50 million equity investment in the Lagos Free Zone, reinforcing global confidence in Nigeria’s economic direction.#FDI #IndustrialGrowth #Trade pic.twitter.com/swznuF9F6B
— Voice of Nigeria (@voiceofnigeria) February 12, 2025
The President highlighted the IFC’s growing partnership with Nigeria, including its $70 million support for power sector initiatives aimed at strengthening the country’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.
The Lagos Free Zone, strategically integrated with the Lekki Deep Sea Port, is designed to ease import and export operations, strengthen Nigeria’s role in regional and global value chains, and create a more efficient business environment.
The IFC’s investment will support land development, industrial expansion, and logistics infrastructure within the 860-hectare zone, ensuring full integration into Nigeria’s broader economic diversification strategy.
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