Manufacturing Africa (MA), a flagship UK economic development programme, has entered a strategic partnership with London-based investment firm TLG Capital to enhance Nigerian manufacturing firms’ access to capital through the Africa Growth Impact Fund II (AGIF II).
TLG Capital also announced the first close of AGIF II, securing $75 million of its $200 million target. The fund is anchored by the International Finance Corporation (IFC) and backed by Swedfund, Norfund, and Bpifrance.
According to Ndidiamaka Eze, Senior Press & Public Affairs Officer at the UK High Commission, the partnership will enable Manufacturing Africa to support eligible Nigerian manufacturers with transaction advisory, ESG compliance, gender inclusion, and operational support—accelerating their readiness for investment from AGIF II.
The first beneficiary, Terra Aqua, an aluminium recycling company in Ogun State, is seeking $7.5 million in debt financing. TLG Capital has expressed interest in funding the full amount, pending ESG and operational performance assessments supported by Manufacturing Africa. The investment could generate 200 direct and 752 indirect jobs while using 95% less energy than traditional aluminium production.
Since 2020, Manufacturing Africa has supported 41 investment deals in Nigeria targeting over $1 billion in foreign direct investment and aiming to create 38,000 direct jobs. Thirteen of these deals have reached financial close, delivering over $150 million in FDI.
UK Deputy High Commissioner in Lagos, Jonny Baxter, stated:
“A strong manufacturing sector is critical to Nigeria’s economic growth. Our partnership with TLG Capital boosts capital flows, job creation, and long-term prosperity in both our economies.”
Thomas Pascoe, Team Leader for Manufacturing Africa, added:
“This collaboration underscores the significant opportunities in African manufacturing. We’re excited to scale impact through AGIF II.”
TLG Capital Co-Founder Isha Doshi emphasized the fund’s unique approach:
“AGIF II is about strategic capital that understands context—supported by advisory muscle from Manufacturing Africa. Together, we’re bringing both capital and capability to the SME landscape.”
Manufacturing Africa aims to attract £1.2 billion in FDI and create 90,000 jobs across Africa by 2027. TLG Capital has completed 41 investments and 30 exits across 20 African countries. AGIF II, a 7-year closed-ended fund, is designed to support African SMEs through tailored financing solutions developed in partnership with local banks.
