Coordinating Minister of the Economy and Minister of Finance, Wale Edun, has stressed the importance of the private sector, which he said makes up 90 per cent of the country’s GDP.
Speaking yesterday at PepsiCo’s launch of its expanded snacks manufacturing facility in Lagos in partnership with DP World, the minister said the government must encourage, harness and grow private sector investment to reach its goal of a trillion-dollar economy.
The launch also marked the unveiling of Cheetos, one of the company’s most popular snack brands globally, in Nigeria’s market.
The company noted that the unveiling strengthened its growing snack portfolio in West Africa and reinforced its commitment to localising food production, creating jobs and building resilient supply chains.
Delivering the keynote, the minister said the investment shows what is possible when global investors and local production meet.
“It is about how strategic partnerships can reshape industries; this is the future of manufacturing in Nigeria. The inauguration of the Cheetos plant reflects the bold reforms we are driving to stabilise our economy and unlock sustainable growth.
“The more profit companies make, the more taxes they pay and the more funding the government has on a sustainable basis to fund critical infrastructure, social services, provide interventions and incentives that will further encourage businesses,” he said.
Noting that manufacturing and agriculture are key to reaching their goal of a trillion-dollar economy, he said diversification is the way forward for the industry.
“This $20 million investment has created factories, jobs and brought in global brands to our market.
Managing Director, FMCL Nigeria, DP World, Ajit Nair, noted that Nigeria is PepsiCo’s most integrated market with DP World, spanning the full value chain from manufacturing to distribution.
“This marks the third PepsiCo facility we operate, an achievement that reflects the strength of our partnership, built on trust, performance and shared purpose. Through AAVA Brands and FMC Nigeria, we are proud to enable PepsiCo’s growth strategy in West Africa,” he said.
