By Abiodun JIMOH
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has reaffirmed the Federal Government’s commitment to enabling private-sector investments that accelerate industrialisation, deepen domestic value chains, and create sustainable jobs across the country.
This assurance was given during a meeting in Abuja with executives of Folay West African Limited, where the company presented its ongoing expansion strategy aimed at strengthening Nigeria’s manufacturing capacity and boosting the agricultural value chain.
Folay Industries—an indigenous FMCG manufacturer operating from the Lekki Free Zone—has invested over ₦11 billion in local production. Through backward integration, the company sources grains domestically, supports thousands of livelihoods across the supply chain, and advances the government’s goal of reducing import dependence.
Mr. Edun commended the company’s progress, noting that enterprises like Folay Industries showcase Nigeria’s transition toward value-added manufacturing. He emphasised that such investments are central to the country’s economic diversification agenda and contribute to long-term, inclusive growth.
The engagement with Folay Industries underscores the Federal Government’s unwavering support for the manufacturing sector. As Nigeria continues its journey toward a more resilient and diversified economy, strong partnerships with local industry leaders will remain essential in driving growth, expanding job opportunities, and enhancing competitiveness.
