IFC’s $50 Million Investment In Lagos Free Zone: Vote Of Confidence In Tinubu’s Reforms, Says Support Group

The Tinubu Media Support Group (TMSG) has welcomed the International Finance Corporation’s (IFC) $50 million equity investment in the Lagos Free Zone as a strong endorsement of President Bola Tinubu’s economic reforms.

The investment, intended to expand Nigeria’s first deep-sea port-based private special economic zone, is viewed by the group as a significant boost to investor confidence.

In a statement issued today, TMSG Chairman Emeka Nwankpa and Secretary Dapo Okubanjo described the investment as a “no mean feat,” citing the IFC’s reputation and the size of the funding.

They emphasised that this is a significant vote of confidence by the international community, demonstrating that Nigeria is a viable and appealing investment destination with a guaranteed return on investment.

The organisation directly linked the investment to ongoing reforms under President Tinubu’s “Renewed Hope Agenda,” refuting criticisms of the administration’s policies. They cited the investment as clear evidence that Nigeria is “truly prepared for big business.”

Tolaram owns the Lagos Free Zone, which spans 860 hectares, and the TMSG has praised the company for its recent success in revitalising Guinness Nigeria.

The IFC’s investment, the corporation’s largest single commitment in recent years, is intended to address infrastructure gaps, attract additional local and international businesses, and contribute to Nigeria’s economic diversification.

TMSG expressed confidence that this investment will create significant opportunities within the cutting-edge deep-sea port.

They added that Nigeria’s business environment has improved significantly in recent months as a result of government policies, and that the country remains Africa’s leading investment hub.