The Federal Government has raised its economic growth outlook for 2025, projecting a 5.0 percent Gross Domestic Product (GDP) expansion, higher than its earlier target of 4.6 percent and well above the International Monetary Fund’s (IMF) 3.4 percent forecast.
The upbeat projection was announced by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during the ribbon-cutting of PepsiCo’s new Cheetos manufacturing plant and a partnership signing ceremony with DP World in Lagos.
According to Edun, the investment represents the tangible results of President Bola Tinubu’s reform agenda, which emphasizes diversification, industrialisation, and job creation. He noted that PepsiCo’s decision to source 90 percent of raw materials locally demonstrates growing investor confidence in Nigeria’s economy.
“With sustainable growth, the GDP is projected to grow by five percent this year. We are seeing real results from our pillars of reform,” Edun said. “By sourcing locally and creating jobs, this investment brings to life President Tinubu’s vision of a stronger, more inclusive economy. Producing Cheetos not only for Nigeria but also for West Africa highlights our nation’s role as a regional manufacturing hub.”
Lagos State Governor, Babajide Sanwo-Olu, who was represented by the Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Bada Ambrose, applauded the partnership between PepsiCo and DP World. He described it as a model of global expertise meeting local opportunity, with ripple effects on job creation, supply chain strengthening, and entrepreneurial participation in global markets.
“For us in Lagos, it means more than business; it means jobs, stronger supply chains, and greater opportunities for our entrepreneurs to participate in global markets,” Sanwo-Olu said. “PepsiCo has long been a trusted partner, investing in our communities, while DP World’s world-class logistics will further reinforce Lagos as Africa’s commercial hub.”
Felix Enwemadu, General Manager, PepsiCo Foods Nigeria, underscored that the launch of Cheetos was more than just the introduction of a popular snack brand. “It’s a celebration of PepsiCo’s belief in Nigeria’s potential,” he said. “By producing Cheetos locally and investing in programmes like our Safe Water Access initiative, we’re creating jobs, empowering farmers, and ensuring shared success with our communities.”
Similarly, Ajit Nair, Managing Director of FMCL Nigeria and DP World, highlighted the strength of the PepsiCo-DP World partnership. “Nigeria is PepsiCo’s most integrated market with DP World, spanning the full value chain from manufacturing to distribution. This marks the third PepsiCo facility we operate, an achievement built on trust, performance, and shared purpose,” he explained.
The developments come at a time when Nigeria is battling inflationary pressures, volatile exchange rates, and sluggish growth. While the IMF’s projection remains cautious, the government’s optimism reflects its reliance on private sector investments and ongoing reforms to unlock broader economic opportunities.