UK’s Manufacturing Africa and TLG Capital are collaborating to strengthen Nigerian businesses’ eligibility for financing through Africa Growth Impact Fund II (AGIF II), which has raised $75 million towards its $200 million target.

Supported by the World Bank’s International Finance Corporation (IFC), Swedfund, Norfund, and Bpifrance, the fund seeks to channel capital into promising manufacturing businesses across Nigeria.

Manufacturing Africa will assist companies with due diligence, corporate finance, environmental, social, and governance (ESG) compliance, gender inclusion, and operational improvements, ensuring they meet investment criteria.

One of the first beneficiaries of this initiative is Terra Aqua, an aluminum recycling company in Ogun State, set to receive $7.5 million in debt financing from TLG Capital, contingent on meeting ESG benchmarks.

If successful, the deal could create 200 direct jobs and 752 indirect jobs, while utilizing a recycling process that consumes 95% less energy than producing primary aluminum.

Since its launch in 2020, Manufacturing Africa has supported 41 investment deals in Nigeria, aiming to secure over $1 billion in foreign direct investment and create 38,000 direct jobs.