Stanbic IBTC served as lead financing institution to fund Lagos Free Zone
Stanbic IBTC served as lead financing institution to fund Lagos Free Zone
The Lagos Free Zone is the first private free-trade zone in Nigeria.
By Standard Bank
Stanbic IBTC is proud to announce that it has issued a ₦53 billion (c. $37.5 million) bond to fund the Lagos Free Zone, which is designed to enhance Nigeria's trading landscape by providing organisations with access to top-tier facilities and services.
The bank acted in its capacity as lead financing institution in the transaction and leveraged its capabilities and resources in the African infrastructure sector to provide unique solutions and bold ideas to foster Nigeria's growth and benefit the surrounding communities.
Located in Lagos State, the commercial centre of west Africa’s largest economy, the Lagos Free Zone is the first private free-trade zone in Nigeria. A free-trade zone is a special economic zone and geographic area where goods may be imported, stored, handled, manufactured or reconfigured and re-exported under specific customs regulation and generally not subject to customs duty.
The Lagos Free Zone covers an area of 850 hectares and is fully equipped with world-class infrastructure and a single clearance window for ease of doing business and is integrated with the 90-hectare Lekki deep seaport, which will allow for access to regional and international markets.
The aim of the Lagos Free Zone is to attract local and foreign investment by offering favourable conditions for businesses to establish manufacturing facilities, logistics hubs, trading operations and other commercial activities. It provides infrastructure such as roads, utilities and telecommunications to support the needs of businesses operating within the zone.
The Lagos Free Zone is also committed to empowering local Nigerian communities and making a positive impact by actively engaging with the community and implementing initiatives that address their needs. Theses initiatives include the Tolaram Science Challenge (TSC), LFZ Scholarship programme to improve the quality of education for children in the area, as well as various community outreach programmes that aim to promote skills development and improve livelihoods.
As Africa’s largest bank, we are committed to partnering with forward-thinking businesses and organisations that provide tangible solutions to drive Africa’s sustainable growth. We recognise our continent’s potential to become an economic powerhouse and are proud to partner with the Lagos Free Zone to support their ambitions to empower African people by creating job opportunities for local residents and boost economic activity in the surrounding communities.
Standard Bank Group is the largest African bank by assets with a unique footprint across 20 African countries. Headquartered in Johannesburg, South Africa, it is listed on the Johannesburg Stock Exchange, with share code SBK, and the Namibian Stock Exchange, share code SNB.