The Federal Government has reaffirmed its commitment to private sector–driven growth as PepsiCo and DP World jointly unveiled a $20 million production facility in Lagos, a move that underscores renewed investor confidence in Nigeria’s economy. The launch highlights the impact of President Bola Ahmed Tinubu’s reform agenda, which has been credited with restoring stability and attracting fresh investment into the country.
Speaking at the ceremony, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, described the project as a symbol of Nigeria’s competitiveness. “This is not just about two companies. It is about what is possible when global business and Nigerian ambition come together. Our reforms have restored stability, unlocked investment, and are creating the conditions for rapid, inclusive growth,” he said. From the private sector, PepsiCo MENAPAK President Ahmed El-Sheikh stressed that “Nigeria is central to our strategy,” while DP World Sub-Saharan Africa CEO Mohammed Akoojee affirmed that Nigeria remains a key hub for Africa’s growth.
The new facility, which will produce PepsiCo’s iconic Cheetos snack using more than 90% locally sourced inputs, is expected to generate jobs, enhance food security, and strengthen Nigeria’s role as a manufacturing and export hub under AfCFTA. Beyond economic growth, the investment also signals strong international confidence in Nigeria’s long-term prospects and its ongoing reforms.
