Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has emphasized the government’s ongoing support for private-sector investments that contribute to industrialization, supply chain development, and job creation.
Edun’s remarks came during a meeting in Abuja with executives from Folay West African Limited. The company presented its plans to expand manufacturing operations and strengthen Nigeria’s agricultural value chain.
Folay Industries is a Nigerian-owned fast-moving consumer goods (FMCG) company based in the Lekki Free Zone. The company has invested over ₦11 billion in local production by sourcing grains domestically and implementing backward integration strategies that have resulted in new jobs.
The Honourable Minister said, “initiatives like Folay Industries represent the shift toward value-added production — a critical priority for economic diversification and long-term growth.”
The meeting between Edun and Folay Industries’ leadership highlights the federal government’s continued support for domestic manufacturing. According to Edun, such public-private partnerships are essential as Nigeria works to diversify its economy and build resilience.
Mohammed Manga FCAI, Director of Information and Public Relations at the Ministry of Finance, Budget and National Planning, signed off on the announcement.
For more information about Nigeria’s finance ministry: www.finance.gov.ng