Nigeria’s Yikodeen Raises $1.5M to Become West Africa’s Largest Safety Boot Maker

Shamsideen Atunde, Yikodeen Managing Director

Safety footwear manufacturer Yikodeen has secured a $1.5m investment from Aruwa Capital Management to expand its factory operations and scale production capacity.

Chief Executive Officer of Yikodeen, Shamsideen Atunde, described the investment as a “vote of confidence” in the company’s manufacturing excellence, adding that the funds would be deployed to recommission its factory and boost output tenfold.

“This partnership with Aruwa Capital represents more than just financial investment; it’s a vote of confidence in the company’s manufacturing excellence. With this support, we’re positioned to transform our production capabilities, increase our output tenfold, expand our product lines beyond safety footwear, and generate significant economic value through job creation and import substitution,” Atunde said in a statement.

Yikodeen disclosed that it started in 2016 producing 20 pairs of safety boots daily, and now manufactures 500 pairs per day.

Atunde affirmed that the new investment will help the company ramp up daily production to 2,500 pairs once its upgraded facility becomes fully operational in the third quarter of 2025.

Founder and Managing Partner of Aruwa Capital Management, a Lagos-based private equity firm founded in 2019, Adesuwa Rhodes said Aruwa Capital’s investment aligned with its mission to back high-impact businesses.

“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,” she stated.

According to the company, the factory upgrade, which is slated for unveiling on June 24, 2025, will make Yikodeen the largest safety footwear manufacturer in West Africa.

Yikodeen is currently the only manufacturer certified by the Nigerian Content Development and Monitoring Board to supply safety boots to Nigeria’s oil and gas industry. It has supplied over 30,000 pairs of safety boots to the NLNG Train 7 project and holds international certifications, including ISO 9001:2015.

Atunde said the company had recorded over 10x revenue growth with gross profit margins exceeding 50 per cent, without taking on any debt.

“By investing in domestic manufacturing capacity, we’re not just building a company, we’re contributing to Nigeria’s economic sovereignty,” he added. “Every pair of shoes we make represents forex savings, local job creation, and craftsmanship that rivals anything found in advanced manufacturing markets.”

Citing Statista, the company reckoned that the Nigerian footwear market, estimated at $2.1bn in 2024, is projected to reach $2.6bn by 2029. Whereas the safety footwear segment alone is valued at $700m.

Further, Yikodeen stated that it would deploy the new funds to acquire advanced production equipment, expand its factory, and introduce digital monitoring systems for quality assurance.

Yikodeen also emphasised its social impact efforts. The company said 61 per cent of its factory workers are women, and 33 per cent of senior roles are held by women. It also announced plans to create 200 new skilled jobs and continue its vocational training programmes, which have already trained over 200 Nigerians in leatherwork.

Yikodeen revealed that as part of its corporate social responsibility, it donates over 1,000 pairs of shoes annually to underserved children and plans to implement a footwear recycling initiative to reduce environmental impact.

Source: MSN