FG raises GDP target to 5%, far ahead IMF projection

…as Edun hails PepsiCo over local raw materials

By Peter Egwuatu

The Federal Government, FG, appears to be very optimistic over the economic performance, raising its Gross Domestic Product, GDP, projections for 2025 to 5.0 percent, significantly up from the 2025 target of 4.6 percent.

Recently, the International Monetary Fund, IMF, pegged the nation’s 2025 growth rate at 3.4 percent.

The new FG’s target came as the Minister of Finance, Wale Edun, also said that the government is creating an enabling environment for businesses to thrive as the establishment of Cheetos plant by PepsiCo, with 90% sourcing of raw materials locally reflects the bold reforms of President Bola Tinubu to stabilise the economy.

Speaking yesterday at both the ribbon cutting of the Cheetos plant and the collaboration partnership ceremony between PepsiCo and DP World, in Lagos, Edun stated: “With sustainable growth, the Gross Domestic Product, GDP is projected to grow by five percent this year. We are seeing real results from our pillars of reform — diversification, industrialisation, and job creation.

“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 for West Africa highlights our nation’s role as a regional hub for manufacturing, supported by ongoing progress in technology and digitalization. We are driving to stabilise our economy and unlock sustainable growth.”

Meanwhile, Lagos State Governor, Babajide Sanwo-Olu, commended PepsiCo for sustaining its investment in the state.

Represented by the Commissioner of Commerce, Cooperatives, Trade and Investment, Folashade Bada Ambrose, the Governor stated: “This partnership between PepsiCo and DP World is a powerful example of what true collaboration can achieve global expertise aligning with local opportunity. “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. PepsiCo has long been a trusted partner, creating livelihoods and investing in our communities.

“With DP World bringing its world class logistics strength, this collaboration will touch lives, energize our economy, and reinforce Lagos as Africa’s commercial hub.”

In his welcome speech at the ceremony, Felix Enwemadu, General Manager, PepsiCo Foods Nigeria, said, “Today’s launch of Cheetos is more than the arrival of a beloved global brand. It’s a celebration of PepsiCo’s belief in Nigeria’s potential. By producing Cheetos locally and investing in community programmes like our Safe Water Access initiative, we’re creating jobs, empowering farmers, and helping communities thrive because our success is shared success.”

Also speaking, Ajit Nair, Managing Director, FMCL Nigeria, and DP World, said: “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 that reflects the strength of our partnership, built on trust, performance, and shared purpose. Through AAVA Brands and FMC Nigeria, we are proud to enable PepsiCo’s growth strategy in West Africa.”

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