IFC’s $50m Lagos Free Zone investment indicates confidence in Tinubu’s reforms – TMSG
By Salif Atojoko
Tinubu Media Support Group (TMSG) says the 50 million dollars equity investment in the Lagos Free Zone by the International Finance Corporation (IFC) is a vote of confidence in President Tinubu’s reforms.
In a statement on Tuesday by Mr Emeka Nwankpa, its Chairman, TMSG said the investment was a major indicator that the country’s business environment was gaining interest across the investment world.
According to him, it is an affirmation of Nigeria’s readiness for big business under the administration of President Bola Tinubu.
“That a reputable body like the IFC deemed it fit to commit a whopping 50 million dollars 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.
“But 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.
”This is contrary to a few misconceptions in purely partisan quarters about the policies.”
Nwankpa said that it was interesting that IFC’s equity investment was for the development and expansion of Nigeria’s first deep-sea port at the privately-run Lagos Free Zone.
He added that the investment, the largest single financial commitment by IFC in recent years, was designed to address critical infrastructure gaps.
”It will as well 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 six months, for their continued efforts at showing that Nigeria is a good place to invest,” he said.
He added that Nigeria’s business environment had recorded incremental improvement in the last few months in response to the federal government’s policies, noting that Nigeria remained Africa’s biggest investment capital.(NAN)(www.nannews.ng)
Edited by Deborah Coker
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