International Finance Corporation (IFC) recently invested $50m in the Lagos Free Trade Zone. The investment falls under the Tolaram initiative to support the development and expansion of Nigeria’s first deep-sea port-based, private special economic zone.
Commending the $50m equity investment by the International Finance Corporation, President Bola Tinubu, described this as a symbol of the growing trust of global financial institutions in Nigeria’s economic direction under his administration.
The Special Adviser of President Tinubu on Information and Strategy, Bayo Onanuga stated thus:
“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.”