Global beverage brand Ovaltine has announced plans to invest €24 million in building what is set to become one of Africa’s most advanced manufacturing plants in Lagos.

The new facility will focus on producing Ovaltine’s popular malt-based drinks, targeting both the Nigerian market and wider distribution across West Africa. The investment underscores growing confidence in Nigeria’s consumer market and its position as a key hub for manufacturing on the continent.

According to company officials, the plant will feature state-of-the-art production technology, designed to improve efficiency, product quality, and sustainability. It is also expected to create hundreds of direct and indirect jobs, contributing to local economic growth.

Industry analysts say the move reflects a broader trend of multinational brands expanding local production in Africa to reduce import costs, strengthen supply chains, and meet rising demand for fast-moving consumer goods.

With Lagos serving as one of Africa’s largest commercial centers, the new Ovaltine facility is positioned to play a significant role in boosting both the company’s regional presence and Nigeria’s manufacturing sector.