June 10, 2024

UK attracts $85m investment into Nigeria’s manufacturing sector


By Yinka Kolawole

The government of the United Kingdom (UK) has helped to attract $85 million investment into Nigeria’s manufacturing sector through its Manufacturing Africa programme since 2020.

Deputy British High Commissioner to Nigeria, Jonny Baxter, disclosed this at a ceremony to announce the funding of  three Nigerian-based clean energy companies to expand renewable energy access in the country.

Manufacturing Africa is an initiative of the UK government through its Foreign, Commonwealth and Development Office (FCDO) aimed at supporting the sustainable growth of the manufacturing sector in Africa by attracting £1.2 billion of foreign direct investment into the sector between 2019 and 2026.

According to a statement by Ndidiamaka Eze, Senior Press & Public Affairs Officer at the British High Commission, Baxter said that the  Manufacturing Africa programme has so far supported 31 Nigerian companies to raise investment in sectors including agro-processing, industrial parks, pharmaceuticals, vehicle manufacturing, e-mobility, and renewable energy.

“The programme has helped to attract $85 millions into Nigeria’s manufacturing sector since 2020,” he stated.

Baxter said that the fund would enhance Nigeria’s commitments toward boosting private-sector led economic growth.

“We’re funding the Manufacturing Africa programme to provide free advisory services to companies raising finance to expand their capabilities and create new jobs in Nigeria. It’s great to see these companies realise their goals with UK support,” he added.

According to him, the advisory services that the programme has provided to the companies included financial analysis, modelling, commercial diligence analysis and strategic business planning.

Meanwhile, the statement listed the three clean energy companies funded by the programme as Arnergy, Koolboks, and BURN Manufacturing.

“The three companies in the programme’s portfolio – Arnergy, Koolboks, and BURN Manufacturing – have collectively secured $17 million in Foreign Direct Investment (FDI), boosting Nigeria’s efforts to expand access to renewable energy solutions. These investments will provide energy for more Nigerians, reduce carbon emissions, lead to the creation of 1,100 jobs, and support thousands of livelihoods. The three companies are sustainability trailblazers,” the statement said.