The UK’s Manufacturing Africa (MA) programme and London-based TLG Capital have signed a strategic partnership to enhance Nigerian manufacturing companies’ access to capital through the Africa Growth Impact Fund II (AGIF II), which secured a $75 million first close towards its $200 million target on April 29, 2025. Anchored by the World Bank’s International Finance Corporation (IFC) and backed by Swedfund, Norfund, and Bpifrance, the fund aims to drive investment into Nigeria’s manufacturing sector, fostering economic growth and job creation.
Manufacturing Africa will provide critical support in due diligence, corporate finance, environmental, social, and governance (ESG) compliance, gender inclusion, and operational enhancements to ensure companies meet AGIF II’s investment standards. The first beneficiary, Terra Aqua, an aluminum recycling company in Ogun State, is slated to receive $7.5 million in debt financing from TLG Capital, pending ESG and operational benchmarks. This deal could create 200 direct and 752 indirect jobs, leveraging a recycling process that uses 95% less energy than primary aluminum production.
UK Deputy High Commissioner in Lagos, Jonny Baxter, emphasized, “A strong manufacturing sector is key to Nigeria’s industrialization. This partnership fosters capital flows, supporting job creation and wealth generation.” MA Team Leader Thomas Pascoe noted the programme’s track record, having facilitated $2.4 billion in foreign direct investment and 102,000 jobs across Africa since 2020. TLG Capital’s Co-Founder Isha Doshi highlighted AGIF II’s focus on flexible financing for SMEs, backed by MA’s advisory expertise.
Since its inception, Manufacturing Africa has supported 41 investment deals in Nigeria, targeting over $1 billion in foreign direct investment and 38,000 direct jobs, reinforcing its role in driving sustainable industrial development.
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