The International Finance Corporation (IFC) has committed to boosting economic growth and sustainability in Africa, with two major projects in Nigeria and Egypt.
In Nigeria, the IFC is investing up to $50 million in the Lagos Free Zone, a massive industrial hub connected to the Lekki Deep Sea Port. The project will accelerate the development of Nigeria’s first deep-sea port-based private special economic zone, owned by Singapore-based Tolaram. When fully operational, the Lagos Free Zone is expected to generate around 30,000 jobs, attract global businesses, and significantly contribute to Nigeria’s GDP.
Dahlia Khalifa, IFC’s Regional Director for Central Africa, highlighted the importance of this investment, calling it a step toward inclusive growth and sustainable development. She emphasized that the Lagos Free Zone will become a key industrial hub, helping Nigeria compete globally while creating opportunities for local businesses.
Adesuwa Ladoja, Managing Director of Lagos Free Zone Company, shared her excitement about the partnership, noting that the investment will help scale up infrastructure and attract more businesses. She also stressed the focus on sustainability, with 15% of the funding dedicated to green initiatives like energy-efficient buildings and climate-resilient designs.
- Advertisement -
Meanwhile, in Egypt, the IFC is teaming up with the Commercial International Bank (CIB) to help industries like oil and gas, transportation, and real estate reduce their carbon footprint. This partnership is part of IFC’s Climate Finance Advisory Program, which supports businesses in transitioning to greener practices. Amr El-Ganainy, CIB’s Deputy CEO, explained that this collaboration will help Egyptian companies navigate climate challenges, unlock innovation, and build a more resilient economy.
The investments of the IFC are to ensure sustainability in Africa. Around 15% of its funding for Nigeria will go towards climate-related initiatives, including Excellence in Design for Greater Efficiencies (EDGE)-certified buildings and climate-resilient infrastructure. In Egypt, the focus is on helping businesses adopt sustainable practices.
