L-R – MD PepsiCo Foods Nigeria,Felix Enwemadu, President Middle East-North Africa, Pakistan, Ethiopia and Nigeria Foods PepsiCo, Hamed Lel Sheikh, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, CEO Subsaharan Africa PepsiCo, Paul Anderson, CEO DP World Sub-Saharan Africa, Muhammed Akoojee
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has said that increased domestic production and Foreign Direct Investment (FDI) remain critical to the country’s economic stability.
He made the remarks on Tuesday at the official launch of Cheetos snack production in Oshodi, Lagos, a project spearheaded by global food and beverage giant PepsiCo in partnership with logistics and infrastructure firm DP World.
Edun described the investment in the new facility as evidence that the administration’s bold economic reforms are beginning to yield results.
He noted that measures such as the removal of fuel subsidies and the unification of the foreign exchange market, though difficult, had restored transparency, improved liquidity, and stabilised Nigeria’s macroeconomic environment.
According to him, these policies have saved revenues equivalent to five percent of GDP, funds that are now being channelled into infrastructure, healthcare, and education.
The minister stressed that the launch of Cheetos production in Nigeria was not only a boost to consumer choice but also a step toward strengthening the economy through import substitution and job creation.
“When you have 90 per cent or more domestic raw material reliance, that means less dependence on foreign exchange and more jobs created in Nigeria,” he said, adding that the plant positions the country to take advantage of the African Continental Free Trade Agreement to export snacks across West Africa.
He further assured PepsiCo, DP World, and their partners of continued government support, noting that “the more profit investors make, the more tax revenues the government receives for critical infrastructure and social services — it is a virtuous circle.”
PepsiCo Nigeria’s General Manager, Felix Enwemadu, explained that the company has been part of the Nigerian economy for more than three decades, with its food division stepping up investment since 2018. He said the new Oshodi plant would produce three flavours of the iconic Cheetos brand — coconut, sour cream, and cheese — while sourcing 90 percent of raw materials locally, including corn grits and flour.
He also highlighted PepsiCo’s social investment initiatives, including a clean water and hygiene program that has reached over 54,000 people in Nigerian communities.
Representatives of DP World described Nigeria as a key market where their operations integrate manufacturing and distribution.
They noted that the Oshodi facility was the third project undertaken with PepsiCo in Nigeria, reflecting a strong partnership built on trust and shared values. They assured stakeholders that DP World would continue to invest in logistics infrastructure to ensure efficient and sustainable supply chain operations in support of PepsiCo’s expansion in West Africa.
Edun concluded by congratulating the partners on what he called a modern, efficient facility that blends advanced technology with job creation.
He said the launch of Cheetos production in Nigeria was a manifestation of the government’s reform agenda, providing proof that the country remains attractive to foreign investors while deepening domestic manufacturing.
