PepsiCo, DP World Invest $20m in Lagos Facility to Boost Nigeria’s Economy and Job Creation

The Federal Government has welcomed a fresh wave of foreign investment as PepsiCo and DP World commissioned a $20 million production facility in Lagos, describing the project as a major boost for Nigeria’s economy and a sign of renewed investor confidence. The plant is expected to strengthen industrial capacity, create jobs, and reinforce the country’s position as a regional manufacturing hub.

At the launch, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the project was evidence that the reforms under President Bola Tinubu’s administration were restoring stability and attracting global capital. “This is not just about two companies. It is about what is possible when global business and Nigerian ambition come together,” Edun stated, noting that Nigeria’s competitiveness is rising under the ongoing reform agenda.

PepsiCo MENAPAK President, Ahmed El-Sheikh, emphasized the company’s long-term commitment to Nigeria, calling it a central hub for operations across Africa. “This facility reflects our belief in the country’s future and our commitment to sustainable investment,” he said. Similarly, Mohammed Akoojee, CEO of DP World Sub-Saharan Africa, highlighted Nigeria’s pivotal role in regional trade, saying the partnership would help build efficient, resilient supply chains.

The facility, dedicated to producing PepsiCo’s popular Cheetos snack brand, will source more than 90 percent of its inputs locally. According to company officials, this will not only create direct and indirect jobs but also expand opportunities for local suppliers and entrepreneurs, thereby supporting food security and industrial growth.

Government representatives noted that the investment aligns with Nigeria’s push to attract foreign capital, stabilize the naira, and boost local production under the African Continental Free Trade Area (AfCFTA). Analysts see the PepsiCo–DP World project as one of the clearest endorsements of Tinubu’s economic reforms, serving as a model of how global corporations and Nigerian policy shifts can combine to drive inclusive development.

Source: Leadership