President Bola Ahmed Tinubu has commended the International Finance Corporation (IFC) for its continued confidence in Nigeria’s economy, following its $50 million equity investment in the Lagos Free Zone.
A statement by Bayo Onanuga, Special Adviser to the President on Information & Strategy, highlighted the President’s remarks, describing the investment as a testament to the growing trust of global financial institutions in Nigeria’s economic direction under his administration.
President Tinubu emphasized that strategic partnerships such as this reinforce Nigeria’s position as a prime destination for foreign direct investment and industrial growth.
“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 by the IFC not only strengthens Nigeria’s industrial base but also demonstrates the growing confidence of international investors in our economic policies. With improved industrial and logistics infrastructure, we are creating an integrated ecosystem that will accelerate exports, attract more investment, and enhance our global competitiveness,” Tinubu stated.
The Lagos Free Zone, a Tolaram initiative, is Nigeria’s first deep-sea port-based private special economic zone. Strategically integrated with the Lekki Deep Sea Port, it is designed to ease import and export operations, enhance Nigeria’s role in regional and global value chains, and foster a more efficient business environment.
The IFC’s investment will facilitate land development, industrial expansion, and logistics infrastructure within the 860-hectare zone, aligning with Nigeria’s broader economic diversification strategy.
President Tinubu also acknowledged Tolaram’s long-standing commitment to Nigeria’s economic growth, noting that the company’s deepening investments—ranging from industrial zones to consumer goods and manufacturing—underscore the country’s strong potential as an investment hub. He cited Tolaram’s acquisition of Guinness last year as further evidence of its confidence in Nigeria’s market.
Welcoming the company’s continued efforts to drive industrialization, job creation, and economic expansion, Tinubu reaffirmed his administration’s commitment to fostering a business-friendly environment that attracts large-scale, transformative investments.
The President also highlighted IFC’s broader partnership with Nigeria, including its $70 million support for power sector initiatives aimed at enhancing 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,” Tinubu added.
