Manufacturing Africa and TLG Capital have joined forces to boost Nigerian manufacturing businesses’ access to financing under the Africa Growth Impact Fund II (AGIF II). The fund has secured $75 million so far, moving toward a $200 million target. Backed by international development financiers like the International Finance Corporation (IFC), Swedfund, Norfund, and Bpifrance, AGIF II is designed to support high-potential manufacturing ventures across Nigeria.
As part of the collaboration, Manufacturing Africa will help businesses meet investment standards by guiding them through due diligence, corporate finance structuring, environmental and social governance (ESG) practices, gender inclusion, and operational upgrades. One of the first companies set to benefit is Terra Aqua, an aluminum recycling firm based in Ogun State. The company is expected to receive $7.5 million in debt financing from TLG Capital, provided it meets required ESG benchmarks.
If the deal goes through, it could lead to the creation of 200 direct jobs and 752 indirect ones. The company’s recycling method is also energy-efficient, using 95% less energy compared to traditional aluminum production.
Since its start in 2020, Manufacturing Africa has helped facilitate 41 investment deals in Nigeria. The initiative is focused on attracting over $1 billion in foreign direct investment and aims to generate around 38,000 direct jobs in the manufacturing space.
