The International Finance Corporation (IFC) has announced an investment of up to $50 million in the Lagos Free Zone (LFZ), Nigeria's first deep-sea po
The International Finance Corporation (IFC) has announced an investment of up to $50 million in the Lagos Free Zone (LFZ), Nigeria’s first deep-sea port-based private special economic zone. This funding aims to address critical infrastructure gaps, attract both local and global businesses, and contribute to Nigeria’s economic diversification efforts.
The investment will support the first phase of the 860-hectare LFZ, focusing on land development, industrial facilities, and logistics infrastructure. Owned by Singapore-based Tolaram Group, LFZ is integrated with the Lekki Deep Sea Port, providing an industrial ecosystem for efficient import and export operations, thereby serving as a gateway for Nigeria’s integration into global value chains.
Benefits
Upon full occupancy, LFZ is expected to create approximately 30,000 direct, indirect, and induced jobs. Dahlia Khalifa, IFC’s Regional Director for Central Africa and Anglophone West Africa, stated that the investment reflects IFC’s commitment to fostering inclusive economic growth and sustainable development in Nigeria. Adesuwa Ladoja, MD/CEO of Lagos Free Zone, emphasized that IFC’s support will enhance infrastructure to attract more foreign and local tenants, promote sustainability, and create economic opportunities for Nigeria.
LFZ currently hosts manufacturing brands such as Kellogg’s, Dano Milk, Colgate, BASF, ADM, and Tata International. This investment aligns with Nigeria’s broader strategy to develop special economic zones that drive industrialization and economic diversification. Other notable free zones in Nigeria include the Snake Island Integrated Free Zone and LADOL Free Zone, both of which contribute significantly to the country’s economic landscape.