The investment, in partnership with Tolaram, aims to expand Nigeria’s first deep-sea port-based private special economic zone, reinforcing the country’s position as a prime destination for foreign direct investment (FDI) 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,” Tinubu stated through his spokesperson, Bayo Onanuga.

The 860-hectare Lagos Free Zone, integrated with the Lekki Deep Sea Port, is expected to boost import and export operations, strengthen Nigeria’s role in global value chains, and enhance the business environment.

The IFC’s investment will fund land development, industrial expansion, and logistics infrastructure, aligning with Nigeria’s broader economic diversification strategy.

IFC Regional Director Dahlia Khalifa highlighted the Lagos Free Zone’s potential, stating that it will create approximately 30,000 direct and indirect jobs when fully operational, significantly contribute to Nigeria’s GDP, and allocate 15% of the investment to climate-related initiatives, including green infrastructure and climate-resilient facilities.

President Tinubu also commended Tolaram’s ongoing investment in Nigeria, including its recent acquisition of Guinness, as part of its efforts to drive industrialization and job creation.

He reaffirmed his administration’s commitment to fostering a business-friendly environment to attract transformative investments.

The IFC has been a long-term partner in Nigeria’s economic progress, previously committing $70 million to the power sector to strengthen 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,” Tinubu added.

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The funding package includes an IFC loan of up to $200 million and an additional $50 million from the Managed Co-Lending Portfolio Program, an IFC syndication platform for institutional investors, according to a joint statement released on Monday.

A portion of the funds will be earmarked specifically for the affordable housing sector and to support women, the statement added. This initiative aligns with South Africa’s broader environmental and social objectives.

“IFC’s partnership with FirstRand will not only provide vital funding for access to housing but also expand green-certified construction loans and home mortgages in South Africa, helping the housing sector become more climate-friendly and resilient,” said Cláudia Conceição, IFC Regional Director for Southern Africa, in an emailed statement.

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As part of this agreement, IFC will offer capacity-building support to FirstRand’s appraisers, loan officers, internal teams, and construction partners. Additionally, the IFC will provide advisory services on product development to enhance the bank’s offerings.

This financial injection is anticipated to bolster South Africa’s efforts to reduce greenhouse gas emissions by 42% by 2025, with a significant focus on green buildings as a key component of the nation’s climate strategy.

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