The Federal Government has restated its commitment to driving economic reforms and supporting private sector–led growth as PepsiCo and DP World jointly launched a $20 million production facility in Lagos, marking a renewed wave of investor confidence in Nigeria’s economy.
At the unveiling, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, described the project as a strong example of Nigeria’s growing competitiveness under the reform agenda of President Bola Ahmed Tinubu.
“This is not just about two companies. It is about what is possible when global business and Nigerian ambition come together,” Edun said. He explained that the reforms have restored stability, opened up investment opportunities, and are setting the stage for rapid and inclusive economic growth.
Representing the private sector, Ahmed El-Sheikh, PepsiCo MENAPAK President, highlighted Nigeria’s importance in the company’s global strategy. “Nigeria is central to our strategy. This facility reflects our belief in the country’s future and our commitment to sustainable investment,” he stated.
Adding to this, Mohammed Akoojee, CEO of DP World Sub-Saharan Africa, emphasized Nigeria’s growing role as an African economic hub. “Nigeria is a key hub for Africa’s growth. Through this partnership, we are helping to build efficient, resilient supply chains that support long-term development,” he said.
The new facility will produce PepsiCo’s popular Cheetos brand with over 90 percent of raw materials sourced locally.
According to officials, this move is expected to generate jobs, enhance food security, and further establish Nigeria as a manufacturing and export hub within West Africa and the African Continental Free Trade Area.
This landmark investment is projected to boost economic growth, create more opportunities for Nigerians, and strengthen investor confidence in the country’s economy.