The United Kingdom’s (UK) Manufacturing Africa program has attracted a significant $85 million investment in Nigeria’s manufacturing sector since 2020. This was announced by Deputy British High Commissioner, Jonny Baxter, at a ceremony funding three Nigerian clean energy companies to expand renewable energy access.
Manufacturing Africa, a UK government initiative, aims to drive sustainable manufacturing growth across the continent by attracting £1.2 billion in foreign direct investment by 2026.
Key Achievements of Manufacturing Africa in Nigeria:
- Investment: Secured $85 million for the Nigerian manufacturing sector.
- Company Support: Assisted 31 Nigerian companies in raising funds.
- Sector Focus: Targeted agro-processing, industrial parks, pharmaceuticals, vehicle manufacturing, e-mobility, and renewable energy.
- Economic Impact: Enhanced Nigeria’s private-sector-led economic growth.
Focus on Clean Energy:
Three Nigerian clean energy companies – Arnergy, Koolboks, and BURN Manufacturing – have secured a combined $17 million in Foreign Direct Investment (FDI) through the program. These investments will:
- Increase access to renewable energy for Nigerians.
- Reduce carbon emissions.
- Create 1,100 jobs and support countless livelihoods.
Advisory Services for Growth:
Manufacturing Africa offers free advisory services to help companies raise finance and expand their capabilities. This includes financial analysis, modeling, commercial diligence analysis, and strategic business planning.
UK’s Commitment to Sustainable Development:
This initiative underscores the UK’s dedication to supporting sustainable economic growth in Nigeria and fostering a greener future.
