The Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Tuesday met with executives of Folay West African Limited as the company presented its plans to scale local manufacturing and expand agro-value addition. The meeting highlighted how the firm aims to boost Nigeria’s production capacity while strengthening the agricultural value chain.
Folay Industries, a fully Nigerian-owned FMCG company based in the Lekki Free Zone, has so far invested more than ₦11 billion in local production. The company sources its grains domestically and continues to create jobs through backward integration. Officials noted that the company belongs to a growing group of indigenous manufacturers replacing imports with competitive products made in Nigeria.
Speaking during the engagement, the Minister welcomed the company’s progress and reaffirmed government support for investments that strengthen the economy. He said the Federal Government remains committed to encouraging private-sector efforts that drive industrialisation, deepen supply chains, expand exports and create sustainable employment. He added that initiatives like Folay Industries reflect the shift toward value-added production, which he described as a critical priority for economic diversification and long-term growth.
