UPSEZWA Nigeria (IFC-606344)

  • Nigeria
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Dec 16, 2021
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Government of Nigeria
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Law and Government
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Advisory Services
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 0.95 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jan 6, 2023

Disclosed by Bank Feb 8, 2022

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the objective of this Project is to address and eliminate (or at least reduce) the identified market and government-regulatory failures in Nigeria by facilitating inclusive economic growth and equitable social development through the adoption and implementation of competitive SEZ legal, regulatory, and institutional frameworks that align with Chapter 14 of the ECOWAS Investment Policy (“ECOWIP”-2018) and the Paris Agreement. These competitive best-practice frameworks are then reasonably expected to allow for downstream private SEZ investments (e.g., Nigerian Diaspora investment from the United States), as potentially financed in part by IFC, in the healthcare, aeronautics, manufacturing, agribusiness, petrochemical, and infrastructure sectors, among others. The vehicle to achieve this objective is through a new generation of SEZs that integrates social activities that will be developed and operated by private-sector enterprises (i.e., SEZ developers/operators) as regulated by the Nigerian SEZ administrative authority.
Specifically, by Project completion IFC expects to achieve the following outcomes:
• Adoption of a new national SEZ Law and national SEZ Implementing Regulations that align with Chapter 14 of the ECOWIP and the Paris Agreement;
• Creation and operation of at least 1 Medical SEZ;
• Creation and operation of two (2) Aviation SEZs that adhere or commit to international environmental reforms and standards; and
• 100 new SEZ enterprises operating in any of the Nigerian SEZs.

People Affected By This Project
People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.

Within 3 years of post-completion, the Project is expected to achieve the following impacts:
1) Private SEZ investments (including potentially private green investments and private IFC
investments) in the amount of at least USD 150 million; and
2) 10,000 direct/indirect jobs created in respect of any of the SEZs in Nigeria.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

No contact information provided at the time of the disclosure.


You can submit a request for information disclosure at:

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.


The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at You can learn more about the CAO and how to file a complaint at

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