FG applauds IFC’s $50M investment in Lagos Free Zone
By Kunle Sanni
The Federal Government has commended the International Finance Corporation (IFC) for its confidence in Nigeria’s economy under President Bola Ahmed Tinubu, following the corporation’s $50 million equity investment in the Lagos Free Zone.
The investment, an initiative by Tolaram, aims to support the development and expansion of Nigeria’s first deep-sea port-based private special economic zone. It reinforces the country’s appeal as a prime destination for foreign direct investment (FDI) and industrial growth.
In a recent statement, President Tinubu described the IFC’s investment as a strong endorsement of Nigeria’s economic trajectory and a reflection of growing global trust in his administration’s policies.
“This investment demonstrates the increasing confidence of global financial institutions in Nigeria’s economic direction,” Tinubu said.
The President also acknowledged Tolaram’s long-standing commitment to Nigeria’s economic growth. He cited the company’s expanding investments in industrial zones, manufacturing, and consumer goods—including its recent acquisition of Guinness Nigeria—as further proof of Nigeria’s potential as a top investment hub.
President Tinubu welcomed Tolaram’s continued efforts to drive industrialization, create jobs, and boost economic development. He reaffirmed his administration’s dedication to fostering a business-friendly environment that attracts transformative investments across key sectors.
He further highlighted the IFC’s growing partnership with Nigeria, including its $70 million support for power sector initiatives, as a demonstration of strong international backing for the country’s economic development agenda.
The Lagos Free Zone investment is expected to accelerate infrastructure development, enhance trade, and strengthen Nigeria’s position as a major industrial and economic hub in Africa.
