* Minister at Lagos firm’s facility expansion
The investment of over $20million into PepsiCo’s expanded snacks manufacturing facility -Cheetos in Lagos is evidence that the Federal Government’s bold economic reforms are beginning to yield results, Finance and Coordinating Minister of the Economy, Wale Edun said yesterday.
He noted that measures such as the removal of fuel subsidies and the unification of the foreign exchange market, and market-based pricing, though difficult, had restored transparency, improved liquidity, and stabilized Nigeria’s macroeconomic environment.
Edun spoke during the inauguration of the $20 million facility, a project powered by global food and beverage giant PepsiCo.
The opening of the facility marked the launch of Cheetos – one of PepsiCo’s most popular snack brands globally – in the Nigerian market, produced locally in two exciting flavours: Cheese and Coconut.
The arrival of Cheetos reinforced PepsiCo’s commitment to strengthening its growing snack portfolio in West Africa, particularly in Nigeria, and reinforcing its commitment to localising food production, creating jobs, and building resilient supply chains.
The new factory, developed in partnership with global smart logistics solutions provider DP World, is a major step towards sustainable industrialisation and regional export competitiveness for Nigeria.
The partnership marked a significant milestone in fostering Nigeria’s industrial growth, enabling more efficient supply chains, and supporting government’s ambition to build a resilient, $1 trillion economy.
According to Edun, the Federal Government’s policies have saved revenues equivalent to five per cent of Gross Domestic Product (GDP), funds that are now being channeled into infrastructure, healthcare, and education.
“With GDP projected to grow by five per cent, we are seeing real results from our pillars of reform – diversification, industrialisation, and job creation,” the Minister stated, adding: “We are driving to stabilize our economy and unlock sustainable growth.”
He said: “By sourcing locally and creating jobs, this investment brings to life President Bola Ahmed Tinubu’s vision of a stronger, more inclusive economy.
“Producing Cheetos not only for Nigeria but for West Africa highlights our nation’s role as a regional hub for manufacturing, supported by ongoing progress in technology and digitalization.”
According to Edun, over 90 per cent of PepsiCo’s raw materials are sourced locally from local partners, including Northern Nigeria Flour Mills, Grand Cereals, and Babban Gona.
Describing this strategy as “The road to salvation,” he said it showed that Nigeria is shifting from an import-dependent market to a competitive production hub under the African Continental Free Trade Area (AfCFTA).
Edun went on:: “That is the road to sustainable industrialisation. When global brands choose to invest locally and source raw materials from Nigerian farmers and suppliers, it builds resilience, creates jobs, and unlocks export opportunities. Nigeria is becoming a competitive production hub, not just a consumption market.”
He assured PepsiCo, DP World, and their partners of continued government support, noting that “the more profit investors make, the more tax revenues government receives for critical infrastructure and social services — it is a virtuous circle.”
Lagos State Governor Babajide Sanwo-Olu, represented by the Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Bada Ambrose, described the PepsiCo-DP World partnership as transformative for Lagos and indeed, Nigeria.
He said the impact of the partnership between the two global giants will be far-reaching, as it will stimulate job creation across multiple sectors of the economy while enhancing trade logistics.
PepsiCo Nigeria’s General Manager, Felix Enwemadu, explained that the company has been part of the Nigerian economy for more than three decades, with its food division stepping up investment since 2018.
He said the new Oshodi plant would produce three flavors of the iconic Cheetos brand — coconut, sour cream, and cheese — while sourcing 90 per cent of raw materials locally, including corn grits and flour.
He also highlighted PepsiCo’s social investment initiatives, including a clean water and hygiene program that has reached over 54,000 people in Nigerian communities.
The Managing Director of FMCL Nigeria, DP World, Ajit Nair, said 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.”
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He added that the Lagos plant was designed not just for Nigeria but for West Africa and beyond.
“This is not just about producing for the local market. It is about positioning Nigeria as a hub for exports under AfCFTA. That is the opportunity we see, and that is the future we are building towards,” Nair said.
Representatives of DP World described Nigeria as a key market where their operations integrate manufacturing and distribution. They noted that the Oshodi facility was the third project undertaken with PepsiCo in Nigeria, reflecting a strong partnership built on trust and shared values.
They assured stakeholders that DP World would continue to invest in logistics infrastructure to ensure efficient and sustainable supply chain operations in support of PepsiCo’s expansion in West Africa.
The event concluded with a factory tour showcasing PepsiCo’s state-of-the-art production lines, followed by a partnership session with key stakeholders.
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