Latest news with #LagosFreeZone
Zawya
15-04-2025
- Business
- Zawya
Nigeria Strengthens Trade and Investment Ties with the United Kingdom (UK) During the Commonwealth Trade and Investment Summit
Nigeria's Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole, successfully concluded a series of high-level engagements in London, reinforcing Nigeria's commitment to fostering trade and investment partnerships with the UK. The visit, anchored around the Commonwealth Trade and Investment Summit held on 7-8 April, provided a vital platform to showcase Nigeria's strategic economic priorities and attract investment into key sectors. During her visit, Dr. Oduwole participated in two exclusive events hosted by Invest Africa, engaging with top-tier stakeholders, business leaders, and investors. These engagements underscored Nigeria's dedication to economic diversification, investment mobilisation, and strengthening the London-Lagos investment corridor. On 8 April, the Minister delivered a keynote address at an Invest Africa-hosted roundtable, where she outlined Nigeria's investment potential and strategic trade policies. The discussion focused on boosting non-oil sectors, promoting ease of doing business, and enhancing UK-Nigeria commercial ties. Senior executives from the UK business and investor community engaged directly with the Minister, fostering dialogue on new investment opportunities and partnerships that will contribute to Nigeria's long-term development goals. Dr. Jumoke Oduwole, Minister of Industry, Trade, and Investment, stated: 'Nigeria is open for business, and we are committed to creating an environment that fosters investment, innovation, and economic growth. Our engagements in London demonstrate our dedication to strengthening trade ties, supporting local and foreign investors, and ensuring that Nigeria remains a prime investment destination. The opportunities in Nigeria, particularly in non-oil sectors, are immense, and we invite investors to be part of this journey towards sustainable development.' Additionally, the Minister participated in an exclusive event co-hosted by Invest Africa in partnership with Lagos Free Zone (LFZ). This strategic engagement positioned LFZ as a premier investment hub within Nigeria's manufacturing sector, showcasing its potential to attract global investors and support the country's industrialisation agenda. The event featured a presentation by Lagos Free Zone MD&CEO, Adesuwa Ladoja, and a dynamic panel discussion exploring Nigeria's industrial landscape and how LFZ can support UK businesses keen on exploring pathways for sustainable growth in Nigeria. Karen Taylor, Chair of Invest Africa, commented: 'Invest Africa is proud to facilitate meaningful engagement between Nigerian leaders and the UK business community. The Minister's participation in our events underscores Nigeria's strategic importance as a trade and investment partner. We look forward to continuing to support initiatives that drive economic collaboration and unlock new business opportunities.' Adesuwa Ladoja, MD&CEO of Lagos Free Zone, remarked: 'The Lagos Free Zone represents a game-changer for Nigeria's manufacturing and industrial sectors, offering world-class infrastructure and seamless business operations. This event provided a crucial platform to showcase how strategic investments in LFZ can unlock deeper penetration into the Nigerian market for UK businesses and drive Nigeria's industrialisation. We are excited about the opportunities that lie ahead and look forward to welcoming global investors.' Dr. Oduwole's engagements in London aligned with Nigeria's four key strategic pillars: investment mobilisation, trade revenue growth, economic diversification, and strategic communications. Through these discussions, the Minister reinforced Nigeria's proactive approach to fostering international trade relations, unlocking new business opportunities, and strengthening economic ties between Nigeria and the UK. As Nigeria continues its journey toward sustainable economic transformation, the Ministry of Industry, Trade, and Investment remains committed to advancing strategic partnerships and positioning Nigeria as a top-tier investment destination on the global stage. Distributed by APO Group on behalf of Invest Africa. About Invest Africa: Invest Africa is a leading business and investment platform with over sixty years of expertise in Africa, dedicated to connecting businesses with unique opportunities across the continent. Their global network comprises more than 400 member companies, including multinationals, private equity firms, institutional investors, development finance institutions, professional service providers, government bodies, and entrepreneurs. With chapters in Kenya, South Africa, the UAE, the UK, and the US, Invest Africa leverages their global reach, market intelligence, and extensive network to support and connect businesses. As a trusted gateway into Africa, they drive socio-economic growth by facilitating sustainable capital flows and providing strategic insights through our membership, consultancy services, and dynamic events programme.
Associated Press
10-02-2025
- Business
- Associated Press
International Finance Corporation (IFC) Invests in Lagos Free Zone to Support Industrial Growth and Economic Diversification in Nigeria
LAGOS, NIGERIA / ACCESS Newswire / February 10, 2025 / IFC has announced an equity investment of up to $50 million in Lagos Free Zone ( Company to support the development and expansion of Nigeria's first deepsea port-based, private special economic zone, the Lagos Free Zone. This investment is designed to address critical infrastructure gaps, attract local and global businesses, and contribute to Nigeria's economic diversification agenda. The funds will support the first phase of the 860-hectare Lagos Free Zone, focusing on land development, industrial facilities, and logistics infrastructure. Owned by Singapore based Tolaram, a diversified multinational group with operations across Africa, Asia, and Europe, Lagos Free Zone is strategically integrated with the Lekki Deep Sea Port and will provide an integrated industrial ecosystem for efficient import and export operations, serving as a gateway for Nigeria's integration into global value chains. With Nigeria's economy projected to grow by 3.7% by 2026, investments in infrastructure are vital to ensuring sustainable growth. When fully occupied, Lagos Free Zone is expected to create approximately 30,000 direct, indirect, and induced jobs, while contributing significantly to Nigeria's GDP upon completion. 'This investment reflects IFC's commitment to fostering inclusive economic growth and sustainable development in Nigeria. Lagos Free Zone is poised to become a transformative hub for industrial activity, driving job creation and enhancing Nigeria's competitiveness in global markets. We are proud to partner with Lagos Free Zone in building the infrastructure necessary to attract global and local businesses, enabling Nigeria to achieve its full economic potential."said, Dahlia Khalifa, IFC Regional Director, Central Africa and Anglophone West Africa. The investment in Lagos Free Zone also reflects IFC's commitment to sustainable development, with a focus on green infrastructure. Approximately 15% of the investment is earmarked for climate-related initiatives, including Excellence in Design for Greater Efficiencies (EDGE)-certified buildings and climate-resilient infrastructure. 'IFC's support represents a significant and positive recognition of our vision to establish Lagos Free Zone as a world-class industrial hub. This investment allows us to scale up the existing infrastructure to attract more foreign and local tenants while promoting sustainability and creating economic opportunities for Nigeria. Lagos Free Zone, integrated with Lekki Deep Sea Port, facilitates ease of doing business in Nigeria and supports the Federal Government of Nigeria's drive for economic diversification and infrastructure development. We look forward to driving growth and delivering lasting impact through this transformative collaboration with the IFC'. Added, Adesuwa Ladoja, MD/CEO at Lagos Free Zone Company. Lagos Free Zone is already home to several manufacturing brands like Kellogg's, Dano Milk, Colgate, BASF, ADM, and Tata International. This investment aligns with Nigeria's ongoing economic reforms and IFC's strategic frameworks, including the World Bank Group's Nigeria Country Partnership Framework (2021-2025) and its 2015 Climate Action Plan, both of which prioritize economic diversification, the development of competitive clusters, and investments in climate-resilient infrastructure. By addressing infrastructure bottlenecks and enhancing connectivity, IFC's investment in Lagos Free Zone will unlock new opportunities for businesses and strengthen Nigeria's position as a regional economic leader. Distributed by APO Group on behalf of Lagos Free Zone (LFZ). Download image: Media Contact: For IFC: Grace NGATSONGO Phone: +1 771 474 92 88 E-mail: [email protected] For Lagos Free Zone: Chinju NWANKWO-UDORA Phone: +234 902 090 2008 About IFC: IFC - a member of the World Bank Group - is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2024, IFC committed a record $56 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit and Promoted by Singapore-based Tolaram, Lagos Free Zone is the first privately held deep sea portbased free trade zone in Nigeria. Centrally located in Lagos State, the commercial center of West Africa's largest economy, the zone covers an area of 860 hectares. It is fully equipped with worldclass infrastructure, a single window clearance for ease of doing business, and integrated with the 90 hectares Lekki Deep Sea Port, which allows for access to regional and international markets. For more information, visit .
Zawya
10-02-2025
- Business
- Zawya
International Finance Corporation (IFC) Invests in Lagos Free Zone to Support Industrial Growth and Economic Diversification in Nigeria
IFC has announced an equity investment of up to $50 million in Lagos Free Zone ( Company to support the development and expansion of Nigeria's first deepsea port-based, private special economic zone, the Lagos Free Zone. This investment is designed to address critical infrastructure gaps, attract local and global businesses, and contribute to Nigeria's economic diversification agenda. The funds will support the first phase of the 860-hectare Lagos Free Zone, focusing on land development, industrial facilities, and logistics infrastructure. Owned by Singapore based Tolaram, a diversified multinational group with operations across Africa, Asia, and Europe, Lagos Free Zone is strategically integrated with the Lekki Deep Sea Port and will provide an integrated industrial ecosystem for efficient import and export operations, serving as a gateway for Nigeria's integration into global value chains. With Nigeria's economy projected to grow by 3.7% by 2026, investments in infrastructure are vital to ensuring sustainable growth. When fully occupied, Lagos Free Zone is expected to create approximately 30,000 direct, indirect, and induced jobs, while contributing significantly to Nigeria's GDP upon completion. 'This investment reflects IFC's commitment to fostering inclusive economic growth and sustainable development in Nigeria. Lagos Free Zone is poised to become a transformative hub for industrial activity, driving job creation and enhancing Nigeria's competitiveness in global markets. We are proud to partner with Lagos Free Zone in building the infrastructure necessary to attract global and local businesses, enabling Nigeria to achieve its full economic potential.' said, Dahlia Khalifa, IFC Regional Director, Central Africa and Anglophone West Africa. The investment in Lagos Free Zone also reflects IFC's commitment to sustainable development, with a focus on green infrastructure. Approximately 15% of the investment is earmarked for climate-related initiatives, including Excellence in Design for Greater Efficiencies (EDGE)-certified buildings and climate-resilient infrastructure. 'IFC's support represents a significant and positive recognition of our vision to establish Lagos Free Zone as a world-class industrial hub. This investment allows us to scale up the existing infrastructure to attract more foreign and local tenants while promoting sustainability and creating economic opportunities for Nigeria. Lagos Free Zone, integrated with Lekki Deep Sea Port, facilitates ease of doing business in Nigeria and supports the Federal Government of Nigeria's drive for economic diversification and infrastructure development. We look forward to driving growth and delivering lasting impact through this transformative collaboration with the IFC'. Added, Adesuwa Ladoja, MD/CEO at Lagos Free Zone Company. Lagos Free Zone is already home to several manufacturing brands like Kellogg's, Dano Milk, Colgate, BASF, ADM, and Tata International. This investment aligns with Nigeria's ongoing economic reforms and IFC's strategic frameworks, including the World Bank Group's Nigeria Country Partnership Framework (2021–2025) and its 2015 Climate Action Plan, both of which prioritize economic diversification, the development of competitive clusters, and investments in climate-resilient infrastructure. By addressing infrastructure bottlenecks and enhancing connectivity, IFC's investment in Lagos Free Zone will unlock new opportunities for businesses and strengthen Nigeria's position as a regional economic leader. Media Contact: For IFC: Grace NGATSONGO Phone: +1 771 474 92 88 E-mail: gngatsongo@ For Lagos Free Zone: Chinju NWANKWO-UDORA Phone: +234 902 090 2008 E-mail: About IFC: IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2024, IFC committed a record $56 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit and About Lagos Free Zone: Promoted by Singapore-based Tolaram, Lagos Free Zone is the first privately held deep sea portbased free trade zone in Nigeria. Centrally located in Lagos State, the commercial center of West Africa's largest economy, the zone covers an area of 860 hectares. It is fully equipped with worldclass infrastructure, a single window clearance for ease of doing business, and integrated with the 90 hectares Lekki Deep Sea Port, which allows for access to regional and international markets. For more information, visit
