Lagos Free Zone is set for a major expansion as the International Finance Corporation (IFC) invests $50 million to boost trade and industrial growth.
The funding will enhance infrastructure, attract global businesses, and strengthen Nigeria’s position in international markets.
Strategic Location & Impact
Spanning 860 hectares, LFZ integrates with the Lekki Deep Sea Port—West Africa’s largest—to ensure smooth import and export operations.
Moreover, multinational giants like Kellogg’s, Dano Milk, Colgate, and BASF already operate within the zone, further accelerating industrial expansion and job creation.
Stakeholder Optimism
During the signing ceremony in Lagos, IFC regional director Dahlia Khalifa highlighted the zone’s potential to transform Nigeria’s economy.
She stated: “LFZ will enhance industrial activity, drive job creation, and improve Nigeria’s competitiveness.”
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Meanwhile, Singapore-based Tolaram, which owns LFZ, expects the zone to generate 30,000 jobs while supporting Nigeria’s projected 3.7% GDP growth.
Additionally, LFZ CEO Adesuwa Ladoja emphasised that the investment will enable the company to scale up infrastructure, attract more businesses, and implement sustainability initiatives.
Sustainability & Diversification
Furthermore, the project aligns with the World Bank’s Nigeria Country Partnership Framework (2021–2025), with 15% of the funds allocated to climate-focused initiatives such as EDGE-certified buildings and resilient infrastructure.
Ultimately, as Ladoja noted, “this partnership simplifies business operations and advances Nigeria’s economic diversification.”
With this investment, LFZ continues its journey to become a model for industrial excellence, further strengthening Nigeria’s role in the global market.
