Nigerian safety footwear manufacturer, Yikodeen, has secured a $1.5 million investment from Lagos-based private equity firm, Aruwa Capital Management. The money will be used to expand Yikodeen’s factory, increase its daily production capacity, and introduce new products beyond safety boots. The company said this move would also help reduce dependence on imported boots and create more jobs for Nigerians.
Yikodeen’s Chief Executive Officer, Shamsideen Atunde, described the funding as a strong endorsement of the company’s work in local manufacturing. He said the funds will be used to recommission the company’s production facility and increase daily output from 500 pairs of safety boots to 2,500 pairs.
“This partnership with Aruwa Capital is more than just about money,” Atunde said in a statement. “It shows belief in our production standards and vision. We want to grow our output by ten times, go into new product areas, and contribute to Nigeria’s economy by creating jobs and reducing imports.”
Yikodeen started in 2016 making only 20 pairs of safety boots daily. Over the years, the company has grown steadily and now produces around 500 pairs every day. With the new investment, the company hopes to reach a new milestone by the third quarter of 2025, when its upgraded factory is expected to become fully functional.
Adesuwa Rhodes, who is the Founder and Managing Partner of Aruwa Capital Management, said the investment aligns with the firm’s goal of supporting impactful local businesses that can drive economic development in Nigeria.
“Yikodeen is exactly the kind of business we want to support. Their growth has been impressive, and their work in local production is vital for Nigeria’s economy,” Rhodes stated. “We are excited to back them as they expand their operations and help reduce our reliance on imported goods.”
According to Yikodeen, the factory upgrade is scheduled to be unveiled on June 24, 2025. Once completed, it will become the largest safety footwear manufacturing plant in West Africa. The company is also the only manufacturer currently certified by the Nigerian Content Development and Monitoring Board (NCDMB) to supply safety boots to the country’s oil and gas industry.
So far, Yikodeen has delivered more than 30,000 pairs of boots to the Nigeria Liquefied Natural Gas (NLNG) Train 7 project. The company also holds international certifications like ISO 9001:2015, which prove its quality management standards.
Atunde also disclosed that Yikodeen has grown its revenue more than tenfold since it started, with a profit margin of over 50 per cent—all without borrowing money.
He said, “Every boot we make means foreign exchange savings and jobs for Nigerians. We are proud of the fact that we’ve grown this much without debt. It shows that local manufacturing, when done properly, can thrive in Nigeria.”
Statista data quoted by the company shows that Nigeria’s footwear market is currently worth about $2.1 billion and is expected to hit $2.6 billion by 2029. Of this figure, the safety footwear segment alone is valued at $700 million, indicating a strong market opportunity for local producers like Yikodeen.
The company also plans to use the new funds to buy modern production equipment and introduce digital monitoring systems to maintain quality in its products. Yikodeen said these efforts are part of its plan to become a leader in Nigeria’s manufacturing industry.
Apart from business growth, Yikodeen highlighted its social impact projects. The company said 61 per cent of its factory workers are women, while 33 per cent of its senior positions are held by women. It also plans to create 200 new skilled jobs and continue its vocational training programme, which has already trained over 200 Nigerians in leatherwork.
As part of its corporate social responsibility efforts, Yikodeen donates more than 1,000 pairs of shoes every year to children in underserved communities. The company also announced plans to introduce a footwear recycling initiative aimed at reducing environmental impact and promoting sustainability in local production.
Yikodeen’s expansion marks a positive shift in Nigeria’s manufacturing space. With more local companies attracting investment and scaling up, experts believe that the country could gradually reduce its heavy dependence on imports and boost job creation for young people.
