FG welcomes $20m PepsiCo-DP world investment in Lagos

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Barbara Bako, Abuja

Nigeria’s push for private sector–led growth got a boost yesterday as PepsiCo and global logistics firm DP World commissioned a $20m production facility in Lagos.

The new plant, which will produce PepsiCo’s popular Cheetos snack brand with over 90% locally sourced inputs, is projected to create jobs, enhance food security, and strengthen Nigeria’s role as a manufacturing and export hub within West Africa and the African Continental Free Trade Area (AfCFTA).

In a statement signed by Mohammed Manga, Director, Information and Public Relations of Finanace Ministry on wednesday, described the event as yielded result of President Tinubu’s reform agenda.

At the unveiling ceremony, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, described the investment as a strong signal of confidence in President Bola Tinubu’s reform agenda.

Edun said, “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.”

From the private sector, Ahmed El-Sheikh, PepsiCo’s President for Middle East, North Africa, Pakistan and Africa (MENAPAK), noted that Nigeria remains central to the company’s long-term strategy.

“This facility reflects our belief in the country’s future and our commitment to sustainable investment,” he stated.

Echoing this view, Mohammed Akoojee, CEO of DP World Sub-Saharan Africa, stressed that Nigeria is a critical hub for Africa’s economic expansion.

“Through this partnership, we are helping to build efficient, resilient supply chains that support long-term development,” Akoojee said.

The $20 million facility is expected to spur growth in the manufacturing sector, open new opportunities for local suppliers, and consolidate Nigeria’s position as an attractive destination for global investors.