By Valentine Alexander 
With an intentional move to improve Nigeria’s manufacturing sector, the UK’s Manufacturing Africa program has partnered with investment firm TLG Capital to enhance funding opportunities for Nigerian manufacturing businesses. This collaboration aims to strengthen the eligibility of Nigerian companies for financing through the Africa Growth Impact Fund II (AGIF II), which has already raised $75 million towards its $200 million target. AGIF II, supported by the World Bank’s International Finance Corporation (IFC), Swedfund, Norfund, and Bpifrance, seeks to channel capital into promising manufacturing businesses across Nigeria. Manufacturing Africa will assist companies with due diligence, corporate finance, ESG compliance, gender inclusion, and operational improvements, ensuring they meet investment criteria.
One of the first beneficiaries of this initiative is Terra Aqua, an aluminium recycling company in Ogun State. Terra Aqua is set to receive $10 million in climate finance from TLG Capital and Wema Bank, contingent on meeting environmental, social, and governance (ESG) benchmarks. The investment aims to recycle enough aluminium over the next five years to match the volume of three Eiffel Towers, achieving this with 95% lower CO₂ emissions compared to primary-sourced aluminium. This significant reduction in emissions is equivalent to removing 100,000 passenger vehicles from the road. The new plant is expected to create 200 direct jobs for local Nigerians, contributing to economic growth and providing employment opportunities. Since its launch in 2020, Manufacturing Africa has supported 31 Nigerian companies in their journey to raise investment across sectors, including agri-processing, industrial parks, pharmaceuticals, vehicle manufacturing, e-mobility, and renewable energy. The programme has helped to attract $85 million into Nigeria’s manufacturing sector since 2020
UK Deputy High Commissioner Jonny Baxter emphasized the importance of a robust manufacturing sector in driving Nigeria’s economic growth. He stated, “We’re funding the Manufacturing Africa program to provide free advisory services to companies raising finance to expand their capabilities and create new jobs in Nigeria. It’s great to see these companies realize their goals with UK support.” Manufacturing Africa’s Team Leader, Thomas Pascoe, highlighted the development potential in African manufacturing, while TLG Capital Co-Founder, Isha Doshi, underscored AGIF II’s goal of providing flexible, strategic financing tailored to the African business landscape. This initiative is set to accelerate industrial growth, create jobs, and position Nigerian manufacturers as viable investment opportunities.
OpeOluwa Okudero 
Susan Olalere
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