Lagos Free Zone completes N25bn series II infrastructure bonds

Lagos Free Zone Company, LFZC, has completed the successful issuance of a N25 billion 20-Year Series II Senior Guaranteed Fixed Rate Corporate Infrastructure Bonds Due 2042 under a N50bn Debt Issuance Programme.

Speaking on the transaction, the Chief Finance Officer of LFZC, Mr Ashish Khemka, noted that the confidence demonstrated by pension fund managers and other institutional investors would help the company in developing the largest port-based economic zone in Nigeria, which will serve as the beacon of industrial development across the country and West Africa.

“This is a milestone transaction for us at Lagos Free Zone Company and it is a testament to the capacity of the Nigerian debt market as a veritable source of domestic capital for infrastructural development in Nigeria. The response to this bond programme further strengthens our commitment to realise our vision and thereby enhance Nigeria’s competitive positioning with our continuous focus on Ease of Doing Business parameters. LFZ further underscores Nigeria as a compelling industrial hub within the West African coast and ideally orients itself in anticipation of the imminent single market regime under AfCFTA,” he said.

According to the CEO of InfraCredit, Chinua Azubike, the LFZC Bonds validate the appetite of domestic pension funds and other institutional investors in financing viable long-term infrastructure assets.

The Chief Executive of Stanbic IBTC Capital Limited, Funso Akere added that the success of the transaction demonstrates investors’ confidence in the vision and purpose of the Lagos Free Zone.