Pepsico, DP World invest $20m in Nigeria to boost AfCFTA exports

Pepsico, DP World invest $20m in Nigeria to boost AfCFTA exports

 PepsiCo, in partnership with global logistics firm DP World, has commissioned a new $20 million factory in Lagos, marking a major milestone in Nigeria’s industrialisation drive. The facility, which rolled out the first locally produced Cheetos snacks this week, also manufactures Lay’s and Doritos, with recipes tailored to Nigerian tastes. Over 90% of raw materials are sourced from local suppliers such as Northern Nigeria Flour Mills, Grand Cereals, and Babban Gona.

Finance Minister Wale Edun highlighted the investment as proof that Nigeria is shifting from being import-dependent to becoming a competitive production hub under the African Continental Free Trade Area (AfCFTA). He credited the Tinubu administration’s reforms—including fuel subsidy removal, forex liberalisation, and market-based pricing—for creating an enabling environment for such foreign direct investments.

Representing the Lagos State Governor, Commissioner Folashade Ambrose-Medebem praised the partnership’s socio-economic impact, citing benefits such as faster logistics through DP World, more job opportunities across multiple sectors, and improved food security.

PepsiCo executives stressed the company’s long-term commitment to Nigeria, noting that its investment extends beyond production into community development. Through partnerships like WaterAid Nigeria, PepsiCo has already provided clean water and hygiene services to tens of thousands of people.

DP World’s Ajit Nair described Nigeria as PepsiCo’s most integrated market globally, with three facilities already in operation. He emphasized that the Lagos plant was designed not only for local consumption but also to serve West Africa and beyond, positioning Nigeria as a key export hub under AfCFTA.

Overall, the project is expected to create jobs, empower farmers, strengthen supply chains, and enhance Nigeria’s competitiveness in regional and global trade.