President Bola Tinubu praises Tolaram Group for securing a $50 million equity investment from the International Finance Corporation (IFC) into the Lagos Free Zone Company (LFZ), describing it as a major boost for Nigeria’s industrial and economic growth.
He states that the investment reflects the government’s commitment to attracting foreign direct investment (FDI) and strengthening the country’s economic agenda.
“The combination of these major investments clearly demonstrates the success of our Renewed Hope Agenda and our ongoing efforts to secure substantial foreign direct investment.
“We appreciate Tolaram’s continued dedication to Nigeria, where it has operated for 50 years,” Tinubu says in a statement posted on the official X (formerly Twitter) handle of the Presidency on Monday.
He adds that the move signals “global confidence in Nigeria’s economy and vision for industrial expansion.”
The International Finance Corporation (IFC), a member of the World Bank Group and the largest global development institution focused on the private sector in emerging markets, announces a $50 million equity investment in LFZ.
Dahlia Khalifa, IFC’s Regional Director for Central Africa and Anglophone West Africa, confirms the investment during a signing ceremony in Lagos. She highlights its role in improving infrastructure, enhancing industrial facilities, and integrating Nigeria into global trade networks.
“This investment reinforces IFC’s commitment to driving inclusive economic growth and sustainable development in Nigeria. Lagos Free Zone is set to become a key industrial hub, creating jobs and enhancing Nigeria’s global competitiveness,” Khalifa states.
Covering 860 hectares, the Lagos Free Zone is owned by Tolaram, a multinational conglomerate operating across Africa, Asia, and Europe. The zone integrates industrial and logistics services, streamlining import and export activities to support Nigeria’s economic diversification efforts.
The IFC’s investment in LFZ is expected to create business opportunities, attract additional foreign investments, and strengthen Nigeria’s position in global trade.
With this funding, LFZ expands its infrastructure, improves logistics efficiency, and reduces bottlenecks in the manufacturing sector. These developments align with the government’s strategy to strengthen the non-oil sector and promote sustainable economic growth.
The investment is also expected to generate thousands of direct and indirect jobs, boost local production, and increase Nigeria’s export potential.
Tolaram’s Continued Commitment
Tolaram remains a key contributor to Nigeria’s economy, with five decades of involvement in manufacturing, supply chain management, and industrial development. Its ongoing expansion of LFZ reinforces its long-term commitment to Nigeria’s economic growth and industrial transformation.
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