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IFC Invests in Lagos Free Zone to Support Industrial Growth and Economic Diversification

IFC has announced an equity investment of up to $50 million in Lagos Free Zone Company to support the development and expansion of Nigeria’s first deep-sea port-based, private special economic zone, the Lagos Free Zone.
This investment is designed to address critical infrastructure gaps, attract local and global businesses, and contribute to Nigeria’s economic diversification agenda.
The funds will support the first phase of the 860-hectare Lagos Free Zone, focusing on land development, industrial facilities, and logistics infrastructure.
Owned by Singapore based Tolaram,a diversified multinational group with operations across Africa, Asia, and Europe, Lagos Free Zone strategically integrated with the Lekki Deep Sea Port and will provide an integrated industrial ecosystem for efficient import and export operations, serving as a gateway for Nigeria’s integration into global value chains.
With Nigeria’s economy projected to grow by 3.7% by 2026, investments in infrastructure are 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 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.” said, Dahlia Khalifa, IFC Regional Director, Central Africa and Anglophone West Africa.
The investment in Lagos Free Zone also reflects IFC’s commitment to sustainable development, with a focus on green infrastructure. Approximately 15% of the investment is earmarked for climate-related initiatives, including Excellence in Design for Greater Efficiencies (EDGE)-certified buildings and climate-resilient infrastructure.
“IFC’s support represents a significant and positive recognition of our vision to establish Lagos Free Zone as a world-class industrial hub. This investment allows us to scale up the existing infrastructure to attract more foreign and local tenants while promoting sustainability and creating economic opportunities for Nigeria.
“Lagos Free Zone, integrated with Lekki Deep Sea Port, facilitates ease of doing business in Nigeria and supports the Federal Government of Nigeria’s drive for economic diversification and infrastructure development.
“We look forward to driving growth and delivering lasting impact through this transformative collaboration with the IFC”. Added, Adesuwa Ladoja, MD/CEO at Lagos Free Zone Company
Lagos Free Zone is already home to several manufacturing brands like Kellogg’s, Dano Milk, Colgate, BASF, ADM, and Tata International.
This investment aligns with Nigeria’s ongoing economic reforms and IFC’s strategic frameworks, including the World Bank Group’s Nigeria Country Partnership Framework (2021–2025) and its 2015 Climate Action Plan, both of which prioritize 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.
News
JAMB Accuses Student of Securing Admission through Identity Fraud

Joint Admissions and Matriculation Board (JAMB) has accused a 2025 Unified Tertiary Matriculation Examination (UTME) candidate of manipulating his identity and engaging in online blackmail.
Fabian Benjamin, head of public affairs, JAMB, issued a statement on the matter on Thursday.
He said one Chinedu Okeke, currently a 400-level Medicine and Surgery student at the University of Nigeria, Nsukka (UNN), gained admission in 2021 while claiming to be from Amuwo-Odofin, Lagos state.
JAMB said Okeke’s national identification number (NIN) records from 2021 confirm his Lagos origin.
The board stated it does not alter candidate information provided through NIN.
The board, however, said the 400-level student, who is facing potential challenges for incorrect credentials, is now claiming that it retrieved the wrong details for him from the National Identity Management Commission (NIMC) in 2021.
“[This] is unequivocally false, aimed at fabricating a defence for his case,” Benjamin said.
“The evidence suggests that Chinedu altered his records as filled in 2021 before registering for the 2025 UTME, a fact confirmed by even his advocates.”
The board questioned why a 400-level medical student would seek to study mechanical engineering in 2025, especially with “inconsistencies in his claims.”
JAMB alleged that Okeke “took advantage” of Lagos state’s quota in 2021, thereby obstructing the admission opportunities for other deserving candidates from the state.
It added that he then “attempted to manipulate his details with the NIMC” to unjustly claim representation from Anambra state in 2025.
The board criticised “online advocates” for “actively reaching out to Chinedu’s parents to extract emotional narratives rather than factual clarifications, neglecting to seek information directly from the university.”
JAMB affirmed its commitment to maintaining accurate records and preventing candidates from exploiting loopholes.
It warned that if UNN confirms any inconsistencies, it would notify the Medical and Dental Council to consider delisting Okeke.
“When a nation trivialises illegalities, it breeds a future fraught with potential criminality,” Benjamin’s statement concluded.
News
Check Point Report Finds Africa as Top Target for Cyber-attacks

Africa has become the most targeted region globally for cyber-attacks in the first quarter of 2025, according to new research from Check Point Software Technologies. The company’s Q1 2025 Global Cyber Attack Report reveals a steep rise in malicious activity as the continent continues to accelerate its Digital transformation.
Ethiopia emerged as the most targeted country in Africa during the reporting period. FakeUpdates ranked as the most common malware, while 80% of malicious files across the continent were delivered via e-mail. In contrast, 62% of threats in SA were distributed via the web.
On average, organisations in Africa faced 3 325 cyber-attacks per week – a staggering 72% above the global average of 1 938 attacks per organisation.
Check Point Software unpacked the findings at a media roundtable in Johannesburg. Eli Smadja, global research group manager at Check Point, provided a detailed overview of Africa’s evolving cyber threat landscape, which he said is increasingly defined by AI-powered threats, ransomware, infostealers, edge device vulnerabilities and cloud-based risks.
Among the most concerning developments was the discovery of a previously undocumented multi-stage backdoor, dubbed Stealth Soldier, currently being deployed in cyber operations targeting North African government entities. The malware forms part of a broader command-and-control infrastructure used in spear-phishing campaigns.
Smadja noted a growing trend in malware designed to bypass AI detection systems.
“These aren’t aimed at advanced large language models (LLMs), but rather at lower-level ones,” he said. “It’s about LLM evasion – fooling the AI and manipulating prompts.”
Despite the increasing use of AI in cyber security, Smadja cautioned against over-reliance on AI-driven defence systems. “AI still requires human prompting.”
Check Point is advocating for a zero trust model and a holistic, automated and consolidated approach to cyber security. This includes centralised threat visibility and simplified controls to protect against ransomware, phishing, data theft and vulnerabilities at the edge.
“Just having something at the perimeter isn’t enough,” Smadja said. “Cyber-attacks are not just targeting PCs or servers anymore. For instance, we’ve seen state-sponsored attacks aimed at fuel pumps to disrupt national supply chains.”
He highlighted the importance of understanding external risk – threats originating outside the organisation – especially as AI-driven ransomware and attacks on third-party service providers continue to rise.
“Printers, for example, are a major attack vector,” he added. “They’re often network-connected, and threat actors can exploit them to gain broader access.”
Credentials, Smadja noted, are also a lucrative commodity on the dark web, often selling for around $500.
News
FG Appeals to U.S. Over Single-Entry Visa Rule for Nigerian Travelers

Federal Government has urged the United States to reconsider its revised visa reciprocity policy, which now limits Nigerian non-immigrant visas to single-entry, three-month validity.
In a statement released today by the spokesperson of the Ministry of Foreign Affairs, Kimiebi Ebienfa, the Federal government expressed concern over the U.S. decision amidst partnership, cooperation and shared global responsibilities by both countries.
“The attention of the government has been drawn to the recent decision by the U.S. to revise its visa reciprocity schedule for Nigerian citizens, limiting the validity of non-immigrant visas, including B1/B2, F and J categories, to three months with a single entry.
Government views this development with concern and keen interest, particularly given the longstanding cordial relations and strong people-to-people ties between our two countries.
The decision appears misaligned with the principles of reciprocity, equity and mutual respect that should guide bilateral engagements between friendly nations.
Nigeria notes this restriction places a disproportionate burden on Nigerian travellers, students seeking academic opportunities, professionals engaging in legitimate business, families visiting loved ones, and individuals contributing to cultural and educational exchanges.
Nigeria respectfully urges the U.S. to reconsider this decision in the spirit of partnership, cooperation and shared global responsibilities, while acknowledging the sovereign right of every country to determine its immigration policies,” the government said.
The government said diplomatic engagements are ongoing and that the ministry would remain committed to pursuing a resolution that reflects fairness and upholds the values of mutual interest.
The U.S. Embassy in Nigeria had on Tuesday, July 8, announced the new policy. The embassy however mentioned that all U.S. non-immigrant visas issued before July 8, 2025, will retain their original status and validity.
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