President Bola Tinubu expressed his appreciation for the International Finance Corporation’s (IFC) $50 million equity investment in the Lagos Free Trade Zone, emphasizing it as a testament to the increasing global trust in Nigeria’s economic direction. In a statement signed by his Special Adviser on Information and Strategy, Tinubu hailed the investment as a vital step towards enhancing Nigeria’s industrial infrastructure and positioning the country as a leading destination for foreign investment in West Africa.
The investment, part of the Tolaram initiative, aims to support the development of Nigeria’s first deep-sea port-based private special economic zone. This includes improving land development, expanding industrial operations, and bolstering logistics infrastructure within the 860-hectare Lagos Free Zone. Tinubu explained that these improvements are pivotal to Nigeria’s broader strategy to foster economic diversification and global competitiveness while accelerating exports and attracting further investment.
Tinubu also acknowledged the role of Tolaram in Nigeria’s economic development, citing its diverse investments and acquisition of Guinness. He emphasized the importance of partnerships like the one with IFC, which includes prior commitments such as the $70 million for Nigeria’s power sector. The president reiterated his administration’s focus on creating a business-friendly environment that will attract even greater investments, enhance industrial growth, and create jobs across Nigeria.
SOURCE: PUNCH