Speaking at the launch, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said the project was a clear demonstration of Nigeria’s competitiveness under President Bola Ahmed Tinubu’s reform agenda. *This is not just about two companies. It is about what is possible when global business and Nigerian ambition come together,* Edun said. *Our reforms have restored stability, unlocked investment, and are creating the conditions for rapid, inclusive growth,* he added

From the private sector, Ahmed El-Sheikh, PepsiCo MENAPAK President, said: *Nigeria is central to our strategy. This facility reflects our belief in the country’s future and our commitment to sustainable investment.*

Mohammed Akoojee, CEO of DP World Sub-Saharan Africa, added: *Nigeria is a key hub for Africa’s growth. Through this partnership, we are helping to build efficient, resilient supply chains that support long-term development.*

The facility, which will produce PepsiCo’s iconic Cheetos brand using over 90% locally sourced inputs, is expected to create jobs, strengthen food security, and position Nigeria as a manufacturing and export hub within West Africa and AfCFTA.

This landmark investment is set to further boost economic growth, create new opportunities for Nigerians, and reinforce investor confidence in the country’s economy.

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Founded in 2014, Siete produces authentic heritage-inspired tortillas, salsas, seasonings, sauces, cookies, snacks and more. Siete’s products can be found in grocery stores, club stores, and organic food retailers primarily across the U.S.

“The Garza family has built a very special brand. Their passion for making and sharing food shines through in every Siete product, and that’s a passion we share at PepsiCo,” said Ramon Laguarta, Chairman and CEO of PepsiCo. “PepsiCo believes in the spirit and authenticity of the Siete brand, and we’re excited to carry on the legacy created by the Garza family. We look forward to expanding our multicultural portfolio with these incredible products and even more consumers discovering and enjoying Siete.”

“Siete was created ten years ago to make heritage-inspired, Mexican-American food more widely available. Now we’re excited to embrace a new era with PepsiCo and bring our inclusive, better-for-you products to more people,” said Miguel Garza, CEO and Co-Founder of Siete Foods. “We hope this next chapter for Siete serves as inspiration for other Latino businesses, showing that it’s possible to build a thriving brand that honors our heritage and celebrates our culture.”

The transaction is subject to customary closing conditions, including regulatory approval, and is expected to close in the first half of 2025. Additional terms of the acquisition were not disclosed.

Centerview Partners LLC acted as lead financial advisor to PepsiCo. Citi also served as financial advisor. Gibson Dunn & Crutcher LLP is acting as legal advisor to PepsiCo. Lazard is acting as financial advisor to Siete and Weil, Gotshal & Manges LLP, as well as Armbrust & Brown, PLLC are acting as legal advisors to Siete.

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