In a significant move to bolster Nigeria's industrial base, the Bank of Industry (BOI) has entered a strategic partnership with Tolaram, the operator of the Lagos Free Zone Company (LFZC). The collaboration, announced on 7 January 2026, is squarely focused on accelerating the development of micro, small, and medium enterprises (MSMEs) and promoting non-oil exports.
A Hub for Growth and Global Competition
The core of this partnership is a substantial investment aimed at fast-tracking the creation of a dedicated MSME hub within the Lagos Free Zone. This initiative is designed to provide small and medium-sized businesses with direct access to world-class infrastructure and efficient logistics, primarily through the zone's integrated Lekki Deep Sea Port. The goal is to create a supportive ecosystem where Nigerian MSMEs can scale their operations and compete effectively in the international market.
Leadership Voices on Economic Transformation
During an inspection tour of the zone's facilities, the Managing Director and Chief Executive Officer of BOI, Dr. Olasupo Olusi, underscored the transformative potential of the investment. He emphasised that the support from BOI is a catalyst for enabling small businesses to expand and make meaningful contributions to the nation's economic diversification agenda.
Echoing this sentiment, the Managing Director of Lagos Free Zone Company, Adesuwa Ladoja, stated that the partnership with the premier development finance institution validates the zone's strategic vision. She noted that it is a key that unlocks new opportunities for local businesses, particularly in realising their ambitions to export goods to global markets.
Building a Competitive Industrial Future
This agreement marks a pivotal step forward in Nigeria's journey to establish a globally competitive industrial and logistics hub. By leveraging the unique advantages of the Lagos Free Zone and the Lekki Deep Sea Port, the BOI-Tolaram partnership directly addresses critical challenges faced by MSMEs, such as access to modern facilities and efficient export channels. The focus on non-oil exports is a strategic push to diversify the national economy and generate sustainable foreign exchange earnings.
The collaboration between these two major players signals strong confidence in the potential of Nigerian entrepreneurship. It is expected to attract further investments, create jobs, and position the Lekki corridor as a central nerve for industrial activity and trade in West Africa.
