The Tinubu Media Support Group (TMSG) has described the $50 million equity investment in the Lagos Free Zone investment by the International Finance Corporation (IFC) as a vote of confidence in the ongoing reforms in Nigeria.
According to the group, it is an affirmation of Nigeria’s demonstrated readiness for big business under the administration of President Bola Tinubu.
In a statement signed by the TMSG Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, the group said that the equity investment which is for the expansion of Nigeria’s first deep-sea port-based private special economic zone is a major indicator that the country’s conducive business environment is gaining momentum across the investment world.
“That a reputable body like the International Finance Corporation (IFC) deemed it fit to commit a whopping $50 million equity investment in a private business initiative in the country is no mean feat.
“Clearly, it is a stamp of approval by the international community that Nigeria is a good place to invest, a place where there is a guarantee of returns on investments.
“For us, it is a signal that the country is truly ready for big business as a result of ongoing reforms of the President Bola Tinubu administration contrary to a few misguided misconceptions.
“It is interesting that IFC’s equity investment is for the development and expansion of Nigeria’s first deep-sea port at the privately-run Lagos Free Zone which presently occupies 860 vast hectares of land.
“The investment which is the largest single financial commitment by IFC in recent years is designed to address critical infrastructure gaps, attract local and global businesses, and contribute to Nigeria’s economic diversification agenda.
“We are convinced that the decision to invest in the free zone will unlock new opportunities for businesses in the deep sea port that is already acknowledged to have world-class facilities
“We agree with President Tinubu that it is a testament to the success of the Renewed Hope Agenda as well as the ongoing efforts by his administration to attract foreign direct investment.
“We also commend Tolaram, the owners of the Port-based industrial zone, which recently acquired Guinness and turned its financial fortunes around in just 6 months, for
their continued efforts at showing that Nigeria is a good place to invest,” it added.
The group noted that Nigeria’s business environment has recorded incremental improvement in the last few months in response to the federal government’s policies, maintaining that Nigeria remains Africa” ‘s biggest investment capital.
