The UK Government-backed Manufacturing Africa programme has made significant strides in Nigeria, supporting 23 businesses to reach financial close. This has resulted in the mobilisation of over $630 million in investment, with the potential to create or safeguard more than 21,400 direct jobs. The programme, which began in 2019, aims to facilitate investment in African businesses, helping them to expand operations, scale production, and strengthen their capacity to create employment.
The investment deals facilitated by Manufacturing Africa span various sectors, with businesses seeking capital to drive growth and development. According to the programme, the 23 transactions have reinforced the link between investment readiness, access to finance, and business expansion. The programme's impact was highlighted at a reception in Lagos, attended by British High Commissioner to Nigeria, Pete Vowles, and British Deputy High Commissioner in Lagos, Jonny Baxter, among other notable figures.
To further support Nigerian businesses, Manufacturing Africa has launched a free digital resource, the 'Fundraising Toolkit'. This tool provides practical guidance, investor insights, templates, and tools covering different stages of the fundraising process. The toolkit draws on over six years of investment facilitation experience across Nigeria, Ethiopia, Kenya, Rwanda, Tanzania, and Senegal, including lessons from over 300 investment opportunities and 70 financial closes.
The Fundraising Toolkit is designed to help Nigerian and African businesses prepare for investment, engage potential investors, and secure growth capital. Speaking at the event, Baxter emphasised the significance of the toolkit, stating that it would preserve practical lessons from the programme and equip businesses with the tools and connections needed to attract investment, raise capital, and scale beyond the programme's lifespan.
British High Commissioner to Nigeria, Pete Vowles, noted that the programme had provided an opportunity for companies to understand how to access commercial finance and use it to grow their businesses. Thomas Pascoe, Team Leader, Manufacturing Africa, highlighted that the toolkit brings together over six years of practical fundraising experience and lessons from businesses that successfully secured investment.
Manufacturing Africa was established in 2019 and is funded by the UK Government through the Foreign, Commonwealth & Development Office. Across its six African markets, the programme has supported over 300 companies and helped mobilise over £2 billion in foreign direct investment, exceeding its £1.2 billion target. In Nigeria, it has supported 72 investment opportunities since 2019, with 23 reaching financial close.
The Fundraising Toolkit is available free of charge online, providing Nigerian businesses with a valuable resource to strengthen their investment readiness, engage investors with greater confidence, and unlock capital for expansion. With the programme's continued support, Nigerian businesses are poised to drive economic growth and create new opportunities for employment and development.
Key points
- The UK Government-backed Manufacturing Africa programme has mobilised over $630 million in investment, creating the potential for over 21,400 direct jobs in Nigeria.
- The programme has launched a free Fundraising Toolkit to help Nigerian businesses become investor-ready, raise growth capital, and navigate the fundraising process.
- Manufacturing Africa has supported 72 investment opportunities in Nigeria since 2019, with 23 reaching financial close.
