The Federal Government has reiterated its support for economic reforms and private sector-led growth as PepsiCo and DP World launched a $20 million production facility in Lagos. The new plant is seen as a sign of renewed investor confidence in Nigeria’s economy.
At the launch event, Wale Edun, Minister of Finance and Coordinating Minister of the Economy, described the project as evidence of Nigeria’s competitiveness under President Bola Ahmed Tinubu’s reform agenda. “This is not just about two companies. It is about what is possible when global business and Nigerian ambition come together,” Edun said. “Our reforms have restored stability, unlocked investment, and are creating the conditions for rapid, inclusive growth,” he added.
Ahmed El-Sheikh, PepsiCo MENAPAK President, stated: “Nigeria is central to our strategy. This facility reflects our belief in the country’s future and our commitment to sustainable investment.”
Mohammed Akoojee, CEO of DP World Sub-Saharan Africa, commented: “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.”
The new facility will produce PepsiCo’s Cheetos brand using more than 90% locally sourced inputs. It is expected to generate employment opportunities, enhance food security, and strengthen Nigeria’s role as a manufacturing and export center within West Africa and the African Continental Free Trade Area (AfCFTA).
Officials expect this investment to further stimulate economic growth in Nigeria by creating jobs and reinforcing investor confidence.