The Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, met with executives of Folay West African Limited to review the company’s expansion plans aimed at boosting Nigeria’s manufacturing capacity and enhancing the agricultural value chain.

Folay Industries, a fully indigenous FMCG manufacturer operating from the Lekki Free Zone, has invested over ₦11 billion in local production, sourcing grains domestically and creating jobs through backward integration. The company is part of a growing wave of Nigerian manufacturers replacing imports with competitive made-in-Nigeria products.

HM Edun commended the company’s progress and reaffirmed the Federal Government’s commitment to supporting private-sector investments that advance industrialisation, deepen supply chains, expand exports and deliver sustainable employment. He noted that initiatives like Folay Industries reflect Nigeria’s shift toward value-added production, a key priority for economic diversification and long-term growth.