Nigeria: PepsiCo, DP World open $20mln Lagos facility as Tinubu's reforms attract fresh investments
Speaking at the launch, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, described the project as proof of Nigeria's rising 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.'
From the private sector, Ahmed El-Sheikh, PepsiCo MENAPAK President, said Nigeria remains central to the company's strategy, noting that the facility reflects confidence in the country's future and a commitment to sustainable investment.
Mohammed Akoojee, Chief Executive Officer of DP World Sub-Saharan Africa, added: '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 plant will produce PepsiCo's iconic Cheetos brand, using over 90 percent locally sourced inputs.
It is expected to create jobs, strengthen food security, and position Nigeria as a manufacturing and export hub within West Africa and under the African Continental Free Trade Area (AfCFTA).
According to the Director of Information and Public Relations, Mohammed Manga, in a statement, the investment marks a significant boost to economic growth, opening new opportunities for Nigerians while reinforcing global investor confidence in the country's economy.
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