Governor Babajide Sanwo-Olu has commended the International Finance Corporation (IFC) for its equity investment of up to $50 million in the Lagos Free Zone Company, describing it as a strategic move to enhance industrial development and global trade integration.
In a tweet on his X handle, Sanwo-Olu said the investment would fund the first phase of the 860-hectare Lagos Free Zone, focusing on land development, industrial facilities, and logistics infrastructure.
He explained that the zone, strategically linked to the Lekki Deep Sea Port, aims to position itself as a major industrial hub, boosting Nigeria’s participation in global value chains.
‘The IFC’s initiatives to address infrastructure challenges will create new business opportunities and reinforce Nigeria’s status as a regional economic powerhouse’.
The governor highlighted the significance of the Lagos Free Zone as Nigeria’s first deep-sea port-based private special economic zone, stressing that it would attract further foreign direct investment and streamline import and export operations.
‘I applaud the IFC for its forward-thinking investment and steadfast dedication to sustainable development in Nigeria’.
With this funding, Sanwo-Olu said Lagos would strengthen its role as an economic gateway, enhancing trade flows and industrial productivity in the region.
