President Bola Ahmed Tinubu has commended the International Finance Corporation (IFC) for its continued confidence in Nigeria’s economy.
President Tinubu made the commendation following IFC’s $50 million equity investment in the Lagos Free Zone, a Tolaram initiative 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 testament to the growing trust of global financial institutions in Nigeria’s economic direction under his administration.
He emphasised that such strategic partnerships reinforce the country’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,” President Tinubu said.
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.
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 reflect 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.
He also 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.
Bayo OnanugaSpecial Adviser to the President(Information & Strategy)February 12, 2025
