The funding, sourced from Aruwa Capital’s second fund, Aruwa Capital Fund II, aims to increase Yikodeen’s daily output from 500 to 2,500 pairs of shoes, positioning the company as the largest safety footwear producer in West Africa.

Established in 2016 by Shamsideen Atunde, Yikodeen began as a small workshop producing 20 pairs of shoes daily.

Over the years, it has evolved into a significant player in Nigeria’s footwear industry, supplying over 30,000 safety boots to major projects, including the Nigeria LNG Train 7.

The company is notably the only manufacturer certified by the Nigerian Content Development and Monitoring Board (NCDMB) to supply safety boots to the country’s oil and gas sector.

The investment will facilitate the acquisition of advanced production equipment, expansion of factory facilities, and implementation of digital quality control systems.

These enhancements are expected to improve production efficiency and product quality, enabling Yikodeen to meet the growing demand for safety footwear in Nigeria and neighboring countries.

Nigeria’s footwear market was valued at approximately $2.1 billion in 2024 and is projected to reach $2.6 billion by 2029.

The safety footwear segment alone accounts for about $700 million, driven by increased enforcement of safety regulations across industries such as construction, oil and gas, and manufacturing.

Beyond its commercial objectives, Yikodeen is committed to social impact. The company employs over 80 workers, with women representing 61% of the factory workforce and 33% of senior management positions.

It also conducts annual vocational training programs in leatherwork, benefiting over 200 individuals, and donates more than 1,000 pairs of shoes each year to children in need.

Aruwa Capital Management, founded by Adesuwa Okunbo Rhodes, focuses on investing in high-growth, gender-diverse businesses in Nigeria and Ghana.

The firm’s second fund, Aruwa Capital Fund II, has attracted investments from institutions like the Mastercard Foundation Africa Growth Fund, Visa Foundation, and Nigeria’s Bank of Industry.

Rhodes expressed confidence in Yikodeen’s potential, stating:

“Yikodeen exemplifies the type of business capable of driving meaningful economic transformation in Nigeria. Their manufacturing excellence, impressive certifications, and remarkable growth trajectory make them an ideal investment partner.”

The partnership between Yikodeen and Aruwa Capital is expected to not only boost local manufacturing and reduce dependency on imports but also create approximately 200 new skilled jobs, contributing to Nigeria’s economic development and industrial self-sufficiency.