World Bank’s arm invests $50 million in Lagos Free Zone to boost Nigeria’s economy

At a Glance

IFC commits up to $50 million to Lagos Free Zone Company to support infrastructure development and economic expansion.
The investment focuses on industrial facilities, logistics, and climate-resilient infrastructure, strengthening Nigeria’s position in global trade.
Lagos Free Zone, owned by Singapore-based Tolaram, is integrated with Lekki Deep Sea Port to create an efficient trade ecosystem.

The International Finance Corporation (IFC), a private investment arm of the World Bank Group has committed up to $50 million in equity investment to the Lagos Free Zone Company, reinforcing Nigeria’s industrial expansion and economic diversification.

This move will support critical infrastructure development, including industrial facilities, logistics, and land expansion, positioning the Lagos Free Zone (LFZ) as a key driver of economic growth.

Lagos Free Zone (LFZ)

A Transformative partnership

“This investment underscores IFC’s commitment to fostering industrial growth, job creation, and Nigeria’s integration into global markets,” said Dahlia Khalifa, IFC’s Regional Director for Central Africa and Anglophone West Africa.

Lagos Free Zone (LFZ) to add $12 billion to Nigeria’s GDP

Adesuwa Ladoja, MD/CEO of Lagos Free Zone Company, added: “IFC’s backing validates our vision to establish LFZ as a premier industrial hub, attracting investors and driving sustainable economic opportunities.”

By addressing infrastructure bottlenecks and strengthening trade networks, IFC’s investment positions Nigeria as a regional economic powerhouse, paving the way for sustained growth and global competitiveness.

Sustainability and job creation

The investment aligns with Nigeria’s economic reform strategies, with 15 percent allocated to climate-friendly projects, including EDGE-certified buildings and climate-resilient infrastructure. Once fully operational, LFZ is expected to generate about 30,000 jobs, contributing a significant $12 billion to Nigeria’s GDP.

Lagos Free Zone: A game changer for Nigeria’s trade and industry

Lagos Free Zone (LFZ), Nigeria’s first deep-sea port-based private special economic zone, is transforming the country’s industrial landscape and emerging as a landmark infrastructure project reshaping Africa.

Lagos Free Zone: A game changer for Nigeria’s trade and industry

Spanning 860 hectares and seamlessly integrated with the Lekki Deep Sea Port, LFZ enhances trade efficiency and positions Nigeria as a key player in global commerce.

Owned by Singapore-based Tolaram, the zone serves as a hub for international and local businesses, hosting major global brands such as Kellogg’s, Dano Milk, Colgate, BASF, ADM, and Tata International.

IFC’s recent commitment of up to $50 million underscores LFZ’s strategic importance in driving economic diversification and industrial growth.

With a focus on infrastructure development—including industrial facilities, logistics, and land expansion—LFZ is poised to attract more investors and create thousands of jobs.

Its seamless port integration strengthens Nigeria’s role in global supply chains, reinforcing the country’s ambition to become West Africa’s premier trade and manufacturing hub.

Feyisayo Ajayi

Feyisayo Ajayi is the Publisher and Co-founder of Shore Africa, the flagship media brand under the Travel Shore umbrella. He brings over a decade of multidisciplinary experience across media, finance, and technology. Feyisayo holds a bachelor’s degree in Geology from the University of Ibadan, Nigeria.