The Federal Government has reaffirmed its unwavering support for private-sector investments that drive industrialisation, create jobs, and reduce Nigeria’s dependence on imports.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, gave the assurance on Tuesday during a high-level meeting with executives of Folay West African Limited, a Nigerian-owned fast-moving consumer goods manufacturer based in the Lekki Free Zone.
The company, which has invested more than ₦11 billion in state-of-the-art production facilities, sources its grains locally and is aggressively pursuing backward integration to strengthen the agricultural value chain.
Edun commended Folay Industries for leading the charge in import substitution and value-added manufacturing, saying such initiatives are “exactly what Nigeria needs to diversify the economy and achieve sustainable growth.”
“Projects like this are proof that Nigerian businesses are rising to the challenge. The government will continue to provide the enabling environment and policy support to ensure more companies invest, expand, and create thousands of decent jobs,” the minister stated.
The ministry described the engagement as another demonstration of the Tinubu administration’s deliberate strategy to partner with the organised private sector to build a resilient, production-driven economy.
In a related development, Mr. Edun on Tuesday chaired the 64th Regular Meeting of the Nigeria Customs Service Board, where sweeping leadership changes were approved to modernise the Service.
The Board confirmed five new Deputy Comptroller-Generals and eight Assistant Comptroller-Generals in strict compliance with the Nigeria Customs Service Act 2023 and the Federal Character principle.
Ten officers also received special promotions in recognition of their exceptional performance in revenue generation and national security.
These reforms, the ministry said, are designed to create a more professional, technology-driven Customs Service capable of facilitating trade, cutting clearance delays, and positioning Nigeria to maximise benefits from the African Continental Free Trade Area (AfCFTA).
With non-oil revenue now a priority and private manufacturers stepping up domestic production, the government insists that stronger public-private collaboration remains the fastest route to industrial revival and mass employment.
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