A UK government-backed programme says it has helped 23 Nigerian businesses reach financial close on investments worth more than $630 million over the past six years.
Manufacturing Africa, which is funded by the UK’s Foreign, Commonwealth & Development Office, disclosed the figures as it marked six years of operations in Nigeria and launched a new fundraising toolkit for African businesses.
The programme has supported 72 investment opportunities in Nigeria since 2019, with 23 reaching financial close. Those transactions have the potential to create or safeguard more than 21,400 direct jobs, according to Manufacturing Africa.
The businesses span sectors including agro-processing, waste recycling, e-mobility and pharmaceuticals. Companies highlighted by the programme include MAX, Arnergy, Koolboks, Releaf, Tomato Jos, Auxano Solar and Terra Aqua.
Connecting Nigerian businesses with capital
Manufacturing Africa works with companies on investment readiness and connects them with potential sources of capital. Its support includes financial modelling, market analysis, transaction preparation and investor engagement.
British Deputy High Commissioner in Lagos Jonny Baxter said the 23 transactions showed what targeted investment support could unlock for Nigerian businesses.
“Together, these transactions have mobilised more than $630 million in investment and have the potential to create or safeguard over 21,400 direct jobs,” Baxter said.
Across its African markets, Manufacturing Africa says it has supported more than 300 investment opportunities and helped mobilise over £2 billion in foreign direct investment.
The programme operates across Nigeria, Ethiopia, Kenya, Rwanda, Tanzania and Senegal.
A free fundraising toolkit for African businesses
Alongside the Nigeria milestone, Manufacturing Africa has launched a free Fundraising Toolkit aimed at companies seeking to raise capital from international investors.
The resource draws on the programme’s experience of more than 70 financial closes and includes practical guidance on investor readiness, pitching, due diligence, deal structuring and managing investor relationships. It also includes a searchable investor database.
The toolkit is designed primarily for African companies seeking to raise $5 million or more from development finance institutions, private equity firms and impact investors.
Thomas Pascoe, team leader at Manufacturing Africa, said the resource takes lessons from businesses that have already completed fundraising processes and makes them available to a wider group of companies.
The programme’s Nigeria portfolio also shows how UK-backed development funding is being used to try to close a persistent financing gap between African businesses looking for growth capital and international investors looking for investable companies.
