FG Rallies Behind Private Investors As Edun Backs New Industrial Expansion Drive

The Federal Government has reaffirmed its commitment to supporting private-sector investments that enhance industrialisation, expand supply chains and generate long-term employment across the country. According to Ireporter Online, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made the pledge in a statement issued by the Ministry of Finance on Wednesday.

Edun restated the administration’s readiness to collaborate more closely with indigenous manufacturers whose investments are helping to strengthen Nigeria’s productive capacity. He gave the assurance during a meeting in Abuja with executives of Folay West African Limited, where the company outlined its expansion strategy designed to boost domestic manufacturing and deepen the agricultural value chain.

Folay Industries, a Nigerian-owned fast-moving consumer goods firm operating from the Lekki Free Zone, has invested over N11 billion in local production. The ministry noted that the company sources grains locally and continues to create jobs through backward integration. It is among several homegrown manufacturers replacing imports with locally made competitive products.

Edun praised the company’s progress, saying its initiatives represent the shift toward value-added production—an essential driver of economic diversification and sustainable growth. He emphasised that the Federal Government would maintain strong support for private-sector efforts that enhance Nigeria’s industrial base and contribute to national development.

The ministry added that the meeting underscored the government’s consistent backing of the manufacturing sector at a time when Nigeria is working to expand its non-oil economy. It stated that cooperation with the private sector remains central to building a resilient, job-creating economy with a more secure long-term outlook.

In a separate development, Edun on Tuesday presided over the 64th Regular Meeting of the Nigeria Customs Service Board, where key leadership appointments and promotions were approved to advance ongoing reforms within the Service. The Board confirmed five Deputy Comptroller-Generals and eight Assistant Comptroller-Generals in line with the Nigeria Customs Service Act, 2023 and the Federal Character principle. It also granted Special Promotions to ten officers recognised for exceptional professionalism and contributions to national revenue and security.

The ministry explained that these reforms form part of wider efforts to modernise Customs operations, strengthen leadership succession and enhance trade facilitation, transparency and border management. As Nigeria ramps up non-oil revenue generation and promotes private-sector–led economic growth, a more efficient and technology-driven Customs Service is expected to play a crucial role in reducing bottlenecks, improving clearance processes and boosting the country’s competitiveness under the African Continental Free Trade Area (AfCFTA).