Nigeria Mobilises $630 Million to Fund 23 Businesses. What Is the Money For?
You have heard the $630m figure. Here is what some of the Nigerian businesses behind it do, how they secured investment, and what the programme now offers other African businesses.
Since 2019, the UK-backed Manufacturing Africa programme has been helping Nigerian businesses looking for capital to expand. Funded by the UK Government through the Foreign, Commonwealth & Development Office (FCDO), it has supported 72 investment opportunities in Nigeria, with 23 now reaching financial close.
Together, those 23 deals have mobilised more than $630 million from investors and could create or safeguard more than 21,400 direct jobs.
The figures were announced in Lagos on September 21, 2026, where Manufacturing Africa also launched a free fundraising toolkit to help businesses prepare for fundraising, engage investors and navigate the process of securing capital.
The companies behind the deals work across very different parts of the economy, from solar power and electric mobility to food processing and e-waste management.
What the businesses are building
Arnergy provides solar power systems for businesses and households. Its Manufacturing Africa-supported Series B raised £14.79 million.
Koolboks makes solar-powered refrigeration systems for homes and small businesses. Its freezers are used by food sellers who depend on reliable cooling to keep products from spoiling.
That problem is particularly visible in Nigeria's fish markets. At Lagos' Ijora Market, a Koolboks pilot was introduced after female fish traders reported losing about30% of their products each day because of inadequate refrigeration. A later survey found that 85% of participating traders reported higher incomes after using the refrigerators.
Hinckley Group Africa operates in e-waste management. Its £3.70 million investment supported expansion, including a lithium-ion battery recycling plant.
MAX works in electric mobility, providing access to two- and three-wheelers. In 2023, the companyraised $31 million with Manufacturing Africa support to expand its electric vehicle assembly operations. At the time, it was already serving more than 21,000 drivers across eight Nigerian cities.
Other businesses supported through the programme include Auxano Solar, Tryctor, Releaf Group, Tomato Jos, Ash Biomedical Diagnostics, Bacita Sugar Company, Asanita Agricultural Processing Company and GreenSpace Recycling, among others.
Where Manufacturing Africa comes in
Manufacturing Africa was established in 2019 and is funded by the UK Government through theForeign, Commonwealth & Development Office (FCDO).
The programme helps businesses prepare for investment and connects them with potential sources of capital. Its support can include financial modelling, investment proposals, market assessments, due diligence and transaction advice.
Across Nigeria, Ethiopia, Kenya, Rwanda, Senegal and Tanzania, Manufacturing Africa has supported more than 300 companies and helped more than 70 deals reach financial close, with more than £2 billion in investment mobilised.
What the new toolkit offers
The new Fundraising Toolkit draws on more than six years of transactions across those six markets.
It brings together lessons from more than 300 investment opportunities and 70-plus financial closes, as well as insights from more than 23 international investors. The resource includes fundraising guidance, templates and practical tools for businesses preparing to approach investors.