UK’s Manufacturing Africa partners TLG Capital to boost Nigerian manufacturing with new $200 million Fund 

At the heart of this collaboration is the Africa Growth Impact Fund II (AGIF II), a $200 million fund managed by TLG Capital.

The firm just announced the fund’s first close at $75 million, anchored by the International Finance Corporation (IFC), the private sector arm of the World Bank, alongside other global backers including Swedfund, Norfund, and Bpifrance.

Through the partnership, the UK-funded Manufacturing Africa programme will help Nigerian manufacturers become investment-ready.

Commenting on the development, UK Deputy High Commissioner in Lagos, Jonny Baxter, said:

“A strong manufacturing sector is key to driving economic growth and industrialisation in Nigeria and across Africa.  

“By supporting TLG Capital, we’re fostering greater capital flows into Nigeria, which in turn supports job creation, generates wealth and secures a prosperous future.” 

Team Leader of the Manufacturing Africa programme, Thomas Pascoe added:

“This landmark investment emphasises the scale of the development opportunity in manufacturing across Africa. We look forward to working closely with TLG Capital to support investments by the AGIF II fund.” 

TLG Capital’s Co-Founder, Isha Doshi, also highlighted the fund’s value in today’s lending environment:

“One in four SME loans in Africa is under stress, yet the entrepreneurial spirit remains unshaken. AGIF II is about capital that understands context—flexible, strategic financing, backed by Manufacturing Africa’s advisory horsepower.” 

This move comes at a time when access to capital is tight, and the UK says the partnership is designed to unlock growth and job creation in Nigeria’s real economy.

Since its launch in 2020, the Manufacturing Africa programme has supported 41 Nigerian manufacturing deals targeting over $1 billion in foreign direct investment (FDI) and 38,000 direct jobs.

Thirteen of these deals have already reached financial close, unlocking over $150 million in FDI into Nigeria.

Across the continent, the programme has facilitated nearly $2.4 billion in investments and supported the creation of over 100,000 jobs.