In a significant boost to Nigeria’s economic diversification efforts, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has reiterated the Federal Government’s commitment to supporting private-sector investments that drive industrialisation, deepen supply chains, and create sustainable employment.
This commitment was underscored during a meeting held in his office in Abuja with executives from Folay West African Limited, where the company outlined its expansion plans to boost Nigeria’s manufacturing capacity and strengthen the agricultural value chain.
Folay Industries, a fully Nigerian-owned FMCG company operating from the Lekki Free Zone, has invested more than ₦11 billion in local production, sourcing grains domestically and creating jobs through backward integration.
The company is among a growing group of indigenous manufacturers replacing imports with competitive, made-in-Nigeria products. The Honourable Minister, who welcomed the progress, noted that initiatives like Folay Industries represent the shift toward value-added production — a critical priority for economic diversification and long-term growth.
The meeting between HM Edun and Folay Industries’ leadership demonstrates the Federal Government’s unwavering support for the manufacturing sector. As Nigeria continues to navigate the complexities of economic diversification, such partnerships with the private sector will be crucial in driving growth, creating jobs, and building a resilient economy, positioning the country for a brighter future.
Signed
Mohammed Manga FCAI
Director, Information and Public Relations
November 26, 2025
