By Abigail Mbah
A UK government-backed initiative has supported 23 Nigerian businesses in securing more than $630 million in investment, with the potential to create or safeguard over 21,400 direct jobs.
The figures were announced this week in Lagos at an event marking six years of the Manufacturing Africa programme. British High Commissioner Pete Vowles and Deputy High Commissioner Jonny Baxter joined business leaders, investors and government representatives for the occasion.
Manufacturing Africa, funded by the UK’s Foreign, Commonwealth & Development Office, was set up in 2019 to help African companies attract capital, expand operations and generate employment. In Nigeria it has worked on 72 investment opportunities since launch, with 23 of those reaching financial close.
Deputy High Commissioner Jonny Baxter described the results as evidence of what targeted support can achieve. “Together, these transactions have mobilised more than $630 million in investment and have the potential to create or safeguard over 21,400 direct jobs,” he said.
The event also saw the official launch of a free digital Fundraising Toolkit. The resource pulls together practical lessons from more than six years of deal-making across six African markets.
It includes guidance on preparing for investors, templates, insights from development finance institutions and private equity firms, and a searchable directory of capital providers.
Thomas Pascoe, team leader of Manufacturing Africa, said the toolkit is designed to make the fundraising process clearer for companies that often struggle to connect with the right investors.
“It captures practical lessons from businesses that have successfully navigated the fundraising process,” he noted.
The programme has supported businesses in sectors ranging from agro-processing and pharmaceuticals to waste recycling and e-mobility. Companies based in Lagos, Kano, Enugu, Jos and other parts of the country have received assistance.
Across its six focus countries; Ethiopia, Kenya, Nigeria, Rwanda, Tanzania and Senegal, Manufacturing Africa reports mobilising more than £2 billion in foreign direct investment, above its original target of £1.2 billion. It says the wider effort has supported more than 150,000 direct and indirect jobs.
The toolkit is available free at manufacturingafrica.org/fundraisingtoolkit. Organisers hope it will continue to help African enterprises become more investor-ready even as the programme evolves.