Foreign private investment in East Africa region’s manufacturing sector dropped significantly in 2021 as a result of COVID-19 with the region registering lower deal value to the average value each year.
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Manufacturers seeking capital injections are set to benefit from a Sh180 billion program funded by the UK government to scale up their operations. The Manufacturing Africa program, which is funded by the UK’s Foreign, Commonwealth and Development Office offers support to businesses in agro-processing, textiles, pharmaceuticals, industrial parks and electronic products to spur growth manufacturing in Africa.
Investments in Nigeria’s manufacturing sector are expected to make a rebound post-covid-19 as the United Kingdom fully kicks off its Manufacturing Africa (MA) project in the country.
The MA project is an initiative of the UK government through its Foreign, Commonwealth and Development Office (FCDO) which aims to attract £1.2 billion of foreign direct investment and create 90,000 jobs (13,750 direct and over 75,000 indirect jobs) in the manufacturing sector across Africa between 2019 and 2026.