Federal Gov’t Hails PepsiCo, DP World’s $20m Investment As Boost For Nigeria’s Economy

The Federal Government has reaffirmed its commitment to economic reforms and private sector–driven growth as PepsiCo and DP World unveiled a $20 million production facility in Lagos, a development officials said underscored renewed investor confidence in Nigeria’s economy.

Speaking at the launch, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, described the project as proof of Nigeria’s competitiveness under the reform agenda of President Bola Tinubu.

“This is not just about two companies. It is about what is possible when global business and Nigerian ambition come together,” Edun said in remarks contained in a statement issued by the Ministry of Finance’s Director of Information, Mohammed Manga. “Our reforms have restored stability, unlocked investment, and are creating the conditions for rapid, inclusive growth.”

PepsiCo MENAPAK President, Ahmed El-Sheikh, said the company viewed Nigeria as a central hub for its long-term operations.

“Nigeria is central to our strategy. This facility reflects our belief in the country’s future and our commitment to sustainable investment,” he said.

Echoing this, Mohammed Akoojee, CEO of DP World Sub-Saharan Africa, stressed the country’s importance in regional trade.

“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,” Akoojee stated.

The new plant will produce PepsiCo’s iconic Cheetos snack brand, with more than 90 per cent of inputs sourced locally. Officials said the project would create jobs, support food security, and position Nigeria as a manufacturing and export hub within West Africa and the African Continental Free Trade Area (AfCFTA).

Government and company representatives alike highlighted the broader implications of the investment, noting that beyond production, the project will expand market opportunities for Nigerian suppliers and entrepreneurs while reinforcing global investor confidence in Africa’s most populous nation.

The Federal Government has been courting foreign investors since the start of President Tinubu’s administration, introducing reforms aimed at stabilising the naira, attracting capital inflows, and boosting local production. The unveiling of the PepsiCo–DP World facility, valued at $20 million, is being seen as one of the clearest endorsements yet of those policies.

Officials said the investment will not only accelerate industrial growth but also serve as a model of how global corporations and Nigerian policy reforms can align to deliver inclusive economic development.