EDUN CHARTS PATH TO ECONOMIC REVIVAL AS FOLAY INDUSTRIES SCALES UP LOCAL MANUFACTURING

Mr. Wale Edun 
Honourable Minister of Finance and Coordinating Minister of the Economy 

"The meeting between HM Edun and Folay Industries' leadership demonstrates the Federal Government's unwavering support for the manufacturing sector. 

.... As Nigeria continues to navigate the complexities of economic diversification, such partnerships with the private sector will be crucial in driving growth, creating jobs, and building a resilient economy, positioning the country for a brighter future.

In a significant boost to Nigeria's economic diversification efforts, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has reiterated the Federal Government's commitment to supporting private-sector investments that drive industrialization, deepen supply chains, and create sustainable employment. 

This commitment was underscored during a meeting held in his office in Abuja with executives from Folay West African Limited, where the company outlined its expansion plans to boost Nigeria’s manufacturing capacity and strengthen the agricultural value chain.

Folay Industries, a fully Nigerian-owned FMCG company operating from the Lekki Free Zone, has invested more than ₦11 billion in local production, sourcing grains domestically and creating jobs through backward integration. 

The meeting between HM Edun and Folay Industries' leadership demonstrates the Federal Government's unwavering support for the manufacturing sector. As Nigeria continues to navigate the complexities of economic diversification, such partnerships with the private sector will be crucial in driving growth, creating jobs, and building a resilient economy, positioning the country for a brighter future.

This was contained in a statement issued and signed by Mohammed Manga, FCAI, Director, Information and Public Relations of the Federal Ministry of Finance.

www.finance.gov.ng