In a bid to build world-class production capabilities and scale its footprint across Africa, Yikodeen, a safety footwear manufacturer, has secured a multi-million-dollar investment from Aruwa Capital Management to significantly expand its production capacity.
The investment from Aruwa Capital’s sophomore fund, Aruwa Capital Fund II, will fund Yikodeen’s factory recommissioning and capacity expansion. The firm was the sole investor in this round, underscoring its confidence in Yikodeen’s growth potential. This capital injection the company said will significantly accelerate its growth trajectory.
Founder and CEO, Yikodeen, Shamsideen Atunde, said the partnership with Aruwa Capital represented more than just financial investment but is a vote of confidence in the company’s manufacturing excellence. He noted that with this support, they will transform their production capabilities, increase output, expand their product lines beyond safety footwear and generate significant economic value through job creation and import substitution.
He further noted that since starting in 2016, producing just 20 pairs of footwear daily, they have today, scaled up to 500 pairs produced daily. He said their projections indicated that the investment would enable further expansion to 2,500 pairs daily across multiple product categories.
Atunde said that once the newly recommissioned facility reaches full operational capacity, it would become the largest safety footwear manufacturer in West Africa.
He added that the Nigerian footwear market was estimated at $2.1 billion in 2024 and projected to reach $2.6 billion by 2029, with the safety footwear segment alone valued at $700 million. He said they are positioned to capture a significant share of this growing market, leveraging their unique status as one of the sole indigenous manufacturers licensed to supply safety footwear to Nigeria’s oil and gas industry.
Founder and Managing Partner, Aruwa Capital Management, Adesuwa Okunbo Rhodes, highlighted the significance of the investment, noting that Yikodeen exemplifies the type of business capable of driving meaningful economic transformation in Nigeria. “We’re excited to work with Yikodeen to redefine Africa’s footwear landscape while supporting Nigeria’s shift from import dependency to manufacturing self-sufficiency,” she said.
Further, Atunde said the funding will enable the acquisition of advanced production equipment, enhancing both precision and efficiency across all production lines while increasing safety boots production capacity. “The capital will also support the expansion of our factory, making it the largest safety footwear production facility in West Africa. Further, advanced quality control systems, including digital monitoring and automated inspection technologies, will ensure world-class standards across production lines.”
Currently employing over 80 skilled workers, he noted that the expansion would create approximately 200 additional jobs, and provide valuable employment opportunities while developing technical expertise within Nigeria’s workforce.
“By investing in domestic manufacturing, we’re not just building a company, we’re contributing to Nigeria’s economic sovereignty. Every pair of shoes we make represents FX savings, local job creation and craftsmanship that rivals anything found in other markets and our certifications prove that Nigerian manufacturing can meet global standards,” he said.
The recommissioned factory will be unveiled on June 24, 2025, with production expected to reach new capacity levels by Q3 2025.
