Lagos Free Zone gets IFC $50m industrial growth investment - Newstrends
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Lagos Free Zone gets IFC $50m industrial growth investment

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Lagos Free Zone gets IFC $50m industrial growth investment

The International Finance Corporation (IFC) has announced an equity investment of $50 million in the Lagos Free Zone Company (LFZ) to support Nigeria’s industrial growth and economic diversification.

Dahlia Khalifa, IFC regional director, Central Africa and Anglophone West Africa, made this known at an official signing on Friday in Lagos.

Ms Khalifa said the investment was to support the development and expansion of Nigeria’s first deep sea port based in the Lagos Free Zone.

She noted the investment was designed to address critical infrastructure gaps, attract local and global businesses, and contribute to Nigeria’s economic diversification agenda.

The IFC director stated that the funds would support the first phase of the 860-hectare Lagos Free Zone, focusing on land development, industrial facilities, and logistics infrastructure.

She noted that the facility owned by Tolaram, a diversified multinational group with operations across Africa, Asia, and Europe, would provide an integrated industrial ecosystem.

This, she said, would drive efficient import and export operations, serving as a gateway for Nigeria’s integration into global value chains.

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Ms Khalifa noted that with Nigeria’s economy projected to grow by 3.7 per cent by 2026, investments in infrastructure were 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 gross domestic product (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,” she said.

Ms Khalifa added that the investment in Lagos Free Zone also reflected IFC’s commitment to sustainable development, with a focus on green infrastructure.

She noted that approximately 15 per cent of the investment was earmarked for climate-related initiatives, including Excellence in Design for Greater Efficiencies (EDGE)-certified buildings and climate-resilient infrastructure.

Commenting, Adesuwa Ladoja, managing director of the Lagos Free Zone Company, noted that IFC’s support represented a positive recognition of the vision to establish Lagos Free Zone as a world-class industrial hub.

She said the investment allowed the company to scale up existing infrastructure to attract more foreign and local tenants while promoting sustainability and creating economic opportunities for Nigeria.

Ms Ladoja said the Lagos Free Zone integrated with Lekki Deep Sea Port, facilitated ease of doing business in Nigeria, and supports the federal government’s drive for economic diversification.

“We look forward to driving growth and delivering lasting impact through this transformative collaboration with the IFC.

“This investment aligns with Nigeria’s ongoing economic reforms and the IFC’s strategic frameworks, which prioritise 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,” Ms Ladoja said.

Lagos Free Zone gets IFC $50m industrial growth investment

(NAN)

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Court of Appeal Dismisses Aiyedatiwa’s Appeal in Case Challenging 2028 Re-Election Bid

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Ondo State Governor, Lucky Orimisan Aiyedatiwa

Court of Appeal Dismisses Aiyedatiwa’s Appeal in Case Challenging 2028 Re-Election Bid

Court of Appeal sitting in Abuja on Monday dismissed an appeal filed by the Governor of Ondo State, Lucky Aiyedatiwa, challenging an amendment to a suit seeking to bar him from contesting the 2028 governorship election.

In its ruling, the appellate court held that the amendment sought by the plaintiffs in the substantive suit was valid and should be allowed to stand.

Governor Aiyedatiwa had approached the appellate court to challenge the decision of the lower court which permitted the claimants to amend their originating processes in the case. The suit is aimed at determining whether the governor would be eligible to contest the 2028 governorship election in the state.

However, the Court of Appeal ruled that the amendment did not prejudice the governor’s defence and that the lower court acted within the law in granting the request.

The appellate court consequently dismissed Aiyedatiwa’s appeal for lacking merit and affirmed the earlier ruling that allowed the amendment of the suit.

The development means the substantive case seeking to restrain the governor from seeking re-election in 2028 will proceed at the lower court.

Governor Aiyedatiwa assumed office as governor following the death of former governor Rotimi Akeredolu in December 2023. The legal dispute revolves around interpretations of tenure and eligibility under Nigeria’s constitutional provisions governing gubernatorial terms.

Legal observers say the dismissal of the appeal clears the way for the court to determine the core issue of whether Aiyedatiwa would be qualified to contest the 2028 governorship election.

 

Court of Appeal Dismisses Aiyedatiwa’s Appeal in Case Challenging 2028 Re-Election Bid

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Students Escape as Four-Storey School Building Collapses in Lagos

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Students Escape as Four-Storey School Building Collapses in Lagos

Students and teachers of a school in the Ogba area of Lagos State narrowly escaped death on Monday after a four-storey building housing the institution suddenly collapsed moments after they evacuated the structure.

According to eyewitnesses, the incident occurred shortly after school activities had begun when signs of structural distress were noticed in the building. Alarmed by unusual cracks and vibrations within the structure, teachers reportedly acted swiftly by evacuating the students from the premises.

Barely minutes after the evacuation was completed, the building reportedly gave way and collapsed, sending panic through the neighbourhood.

Residents and passersby rushed to the scene shortly after the collapse, while emergency responders were alerted. Fortunately, no casualties were reported as the students and school staff had already moved to safety before the structure came down.

Officials of the Lagos State Emergency Management Agency (LASEMA) and other rescue teams were said to have arrived at the scene to assess the situation and secure the area.

Authorities have yet to confirm the exact cause of the collapse, but structural failure and possible building defects are suspected. Investigations are expected to commence to determine the circumstances surrounding the incident.

Building collapses have remained a recurring concern in Lagos, often attributed to poor construction practices, substandard materials, and inadequate regulatory oversight.

Further details are expected to emerge as emergency officials and relevant government agencies continue their assessment of the site.

 

Students Escape as Four-Storey School Building Collapses in Lagos

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Petrol Jumps to N1,175/Litre as Dangote Refinery Raises Prices Again, Fresh Inflation Fears Loom

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Fuel pump price

Petrol Jumps to N1,175/Litre as Dangote Refinery Raises Prices Again, Fresh Inflation Fears Loom

 

The cost of goods and services across Nigeria may rise further after the Dangote Petroleum Refinery increased the gantry price of Premium Motor Spirit (petrol) to N1,175 per litre, marking the third upward price adjustment within a week.

The refinery announced the new price to marketers on Monday, raising the gantry price from N995 per litre announced on Friday, representing an increase of N180, or about 18.1 per cent, within three days.

The price of Automotive Gas Oil (diesel) was also revised upward to N1,620 per litre, further raising concerns among businesses that depend heavily on diesel-powered operations.

The latest development came hours after The PUNCH reported that petrol prices could rise again following the refinery’s temporary suspension of petrol sales on Sunday, which had triggered concerns about supply disruptions and potential price adjustments.

A senior official of the refinery, who spoke on condition of anonymity because he was not authorised to speak publicly, confirmed the new pricing structure.

“Yes, the gantry prices have been adjusted. PMS is now N1,175 per litre while Automotive Gas Oil is N1,620 per litre,” the official said.

“The market has been extremely volatile, and replacement costs have shifted significantly in recent days. These adjustments reflect prevailing market fundamentals and the cost environment we are currently operating in.”

Checks on the industry pricing platform petroleumprice.ng showed that the revised rates had already been updated across depot pricing systems used by downstream operators, signalling a new benchmark price for fuel marketers.

The latest increase represents the third price surge within a week, after petrol prices earlier rose from N774 per litre to N995 per litre.

As a result, retail pump prices in several parts of the country have already crossed the N1,000 per litre mark, with some filling stations selling petrol for as high as N1,200 per litre.

Industry analysts warn that the increase could trigger another wave of price adjustments nationwide, as higher fuel costs typically drive up transportation, logistics, and production expenses, which are ultimately passed on to consumers.

The development also comes amid efforts by the Nigerian National Petroleum Company Limited to secure crude oil supplies for the Dangote refinery through third-party international traders in order to sustain domestic refining operations.

However, officials caution that such interventions may not immediately translate into lower pump prices, as the domestic fuel market continues to adjust to prevailing global crude oil costs and foreign exchange pressures.

For millions of Nigerians already grappling with rising living costs, the latest petrol hike is expected to intensify inflationary pressures and further strain household budgets.

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