Nigeria's Finance Minister and Coordinating Minister of the Economy, Wale Edun, met with executives of Folay West African Limited on Tuesday as the company outlined new expansion plans aimed at strengthening domestic manufacturing and boosting the agr… Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader Minister backs local investment to raise manufacturing output By Abimbola Akomolafe on November 26, 2025 Nigeria's Finance Minister and Coordinating Minister of the Economy, Wale Edun, met with executives of Folay West African Limited on Tuesday as the company outlined new expansion plans aimed at strengthening domestic manufacturing and boosting the agricultural value chain. Folay Industries, a Nigerian-owned FMCG manufacturer based in the Lekki Free Zone, has invested over ₦11 billion in local production, sourcing grains domestically and creating jobs through backward integration. The firm is part of a rising group of indigenous producers replacing imports with competitive made-in-Nigeria goods, supporting MSME suppliers and rural enterprises in the process. Read also, Minister backs local investment to raise manufacturing output FG launches financial literacy programme to boost youth enterprise growth Nigeria, Hungary targets trade growth for SMEs Round-the-clock NPA oversight eases Apapa delays, shields SMEs Students eligible for up to N50m grant through S-VCG Edun commended the progress and reaffirmed the Federal Government's support for private-sector investments that drive industrialisation, deepen supply chains, expand exports, and generate sustainable employment. He noted that companies like Folay Industries demonstrate a shift toward value-added production — a key priority for economic diversification and long-term national growth.

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