By Zara Maisango
President Bola Tinubu has commended Tolaram for securing a $50 million equity investment from the International Finance Corporation (IFC) to accelerate the development of the Lagos Free Zone, Nigeria’s first deep-sea port-based private special economic zone.
Describing the investment as a strong endorsement of Nigeria’s economic potential, the President linked it to Tolaram’s recent acquisition of Guinness Nigeria, underscoring the government’s success in attracting foreign direct investment under the Renewed Hope Agenda.
"The combination of these two major investments is a testament to the success of our Renewed Hope Agenda and our ongoing efforts to attract substantial foreign direct investment. This latest commitment by the IFC underscores global confidence in Nigeria’s economy and our vision for industrial expansion," President Tinubu stated.
The investment will fund the first phase of the 860-hectare Lagos Free Zone, focusing on land development, industrial facilities, and logistics infrastructure. This expansion is expected to position Nigeria as a leading trade hub, ensuring seamless import and export operations while integrating the country into global value chains.
President Tinubu also highlighted projections of a 3.7% economic growth rate by 2026, emphasizing that the Lagos Free Zone will create thousands of jobs and boost national productivity. He further expressed appreciation for Tolaram’s 50-year commitment to Nigeria and welcomed the allocation of 15% of the investment to climate-related initiatives in line with the government’s sustainability goals.
Reaffirming his administration’s dedication to fostering a business-friendly environment, Tinubu assured investors of continuous policy reforms to unlock opportunities and solidify Nigeria’s standing as a regional economic powerhouse.
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