Quick Summary:
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Yikodeen raised $1.5M from Aruwa Capital to expand its safety footwear manufacturing operations across Nigeria and West Africa.
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Production will scale from 500 to 2,500 pairs daily, positioning the company as the region’s largest safety footwear producer.
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The investment will fund equipment upgrades, factory expansion, and digital quality control to meet rising industrial demand.
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Yikodeen promotes gender inclusion, with 61% female factory staff, and supports social impact through vocational training and shoe donations.
Nigerian safety footwear manufacturer Yikodeen has secured a $1.5 million investment from Aruwa Capital Management, a gender-lens private equity firm focused on West Africa. The funds, drawn from Aruwa Capital Fund II, will support the expansion of Yikodeen’s production capacity and deepen its market presence across Nigeria and the broader West African region.
From Modest Workshop to Industry Leader
Founded in 2016 by Shamsideen Atunde, Yikodeen began as a small workshop producing just 20 pairs of safety shoes per day. The company has since grown into a leading player in Nigeria’s industrial footwear market, now manufacturing 500 pairs daily.
With the new capital injection, Yikodeen aims to scale production to 2,500 pairs per day, positioning itself as West Africa’s largest safety footwear producer.
Proven Industry Impact
Yikodeen has already supplied over 30,000 safety boots to major infrastructure and energy projects, including the high-profile Nigeria LNG Train 7. It also holds a unique distinction as the only manufacturer certified by the Nigerian Content Development and Monitoring Board (NCDMB) to supply safety boots to Nigeria’s oil and gas sector.
Investment to Drive Strategic Expansion
The $1.5 million investment will fund several strategic initiatives:
- Acquisition of advanced manufacturing equipment
- Expansion of factory infrastructure
- Implementation of digital quality control systems
These upgrades are expected to boost operational efficiency, improve product quality, and help Yikodeen meet rising demand from industries such as construction, oil and gas, and manufacturing.
Tapping into a Growing Market
Nigeria’s footwear market is valued at $2.1 billion (2024) and is projected to grow to $2.6 billion by 2029. The safety footwear segment alone accounts for about $700 million, fueled by stricter workplace safety regulations and expanding industrial activities.
Commitment to Social Impact and Inclusion
Beyond commercial success, Yikodeen is deeply committed to social impact:
- 80+ employees, with 61% of factory workers and 33% of senior management being women
- Annual vocational training in leatherwork for over 200 individuals
- Donation of 1,000+ pairs of shoes yearly to underserved children
Aruwa Capital: Backing Gender-Inclusive Growth
Founded by Adesuwa Okunbo Rhodes, Aruwa Capital Management is known for investing in high-growth, gender-diverse businesses in Nigeria and Ghana. Fund II has drawn support from global institutions such as:
- Mastercard Foundation Africa Growth Fund
- Visa Foundation
- Nigeria’s Bank of Industry
Strategic Partnership for Industrial Self-Sufficiency
Commenting on the investment, Rhodes said:
“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 is expected to create 200 new skilled jobs, reduce Nigeria’s reliance on imported safety footwear, and support the country’s goals of industrial self-sufficiency and inclusive economic development.