The 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 industrialisation, deepen supply chains, and create sustainable employment.
He spoke 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 minister at the meeting
The company is among a growing group of indigenous manufacturers replacing imports with competitive, made-in-Nigeria products.
The minister welcomed the progress made and noted that initiatives like Folay Industries represent the shift towards value-added production — a critical priority for economic diversification and long-term growth.
