The Federal Ministry of Finance has announced a landmark $20 million investment by PepsiCo and DP World to establish a new Cheetos production facility in Lagos, a move it says will create jobs, boost local agriculture, and strengthen Nigeria’s position as a regional manufacturing hub.
In a statement posted on its official X handle on August 23, 2025, the Ministry described the investment as a direct outcome of the government’s ongoing economic reforms.
According to the Ministry, the Lagos facility will:
Create jobs and strengthen local skills.
Source over 90% of raw materials locally, supporting farmers and boosting food security.
Position Nigeria as a manufacturing and export hub within West Africa and the African Continental Free Trade Area (AfCFTA).
“This is the story of reforms in action: stability restored, investments unlocked, and opportunities created for Nigerians,” the statement read.
The Finance Ministry further highlighted that the $20 million Cheetos factory is set to open thousands of opportunities for Nigerians, while reinforcing global confidence in the country’s economy.
“Jobs and opportunities: the new facility will create employment, support local suppliers, and enhance manufacturing skills. With over 90% of inputs sourced locally, it will reduce imports, support farmers, and strengthen Nigeria’s food supply chain,” it added.
The Ministry concluded that the investment demonstrates how reforms are delivering tangible results, noting that PepsiCo and DP World’s decision to expand operations in Lagos is proof of rising international confidence in Nigeria’s economy.
Credit: @FinMinNigeria via X.
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