FG hails $20m PepsiCo, DP World investment facility in Lagos
The Federal Government has reaffirmed its commitment to economic reforms and private sector–driven growth following the inauguration of a $20 million production facility by PepsiCo and DP World in Lagos.
The facility, unveiled on Thursday, is seen as a major boost to Nigeria’s investment climate and a signal of renewed investor confidence in the economy under President Bola Ahmed Tinubu’s reform agenda.
Speaking at the launch, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, described the investment as proof of Nigeria’s growing competitiveness. He noted that the reforms have restored stability, unlocked investment, and created conditions for rapid, inclusive growth.
“This is not just about two companies. It is about what is possible when global business and Nigerian ambition come together,” Edun said.
PepsiCo MENAPAK President, Ahmed El-Sheikh, said Nigeria is central to the company’s long-term strategy. He stressed that the new facility reflects confidence in the country’s future and a commitment to sustainable investment.
Also speaking, Mohammed Akoojee, CEO of DP World Sub-Saharan Africa, described Nigeria as a key hub for Africa’s growth. He explained that the partnership would help build efficient, resilient supply chains to support long-term development.
The plant will produce PepsiCo’s popular Cheetos snack, with over 90 percent of inputs sourced locally. It is expected to create jobs, enhance food security, and strengthen Nigeria’s position as a manufacturing and export hub within West Africa and the African Continental Free Trade Area (AfCFTA).
Government officials and stakeholders at the event described the project as a landmark investment that will further stimulate economic growth, generate opportunities for Nigerians, and reinforce investor confidence in the country’s reform-driven economy.
