Nigerian Footwear Champion Yikodeen Secures $1.5 Million Investment from Aruwa Capital

• Yikodeen has received a multi-million-dollar investment from Aruwa Capital Management to expand its production capacity and modernise its factory
• This funding will help Yikodeen increase daily output from 500 to 2,500 pairs, making it the largest safety shoe producer in West Africa
• The partnership is expected to grow Yikodeen's position in the footwear market, while also supporting job creation and community development programs

Yikodeen, a top maker of safety shoes and the only supplier certified by the NCDMB for the oil and gas industry, has received a large investment worth millions of dollars from Aruwa Capital Management. The funds will help the company grow its production capacity in a big way.

This partnership marks an important step in Yikodeen’s goal to build high-quality manufacturing and expand its presence across the region.

The money comes from Aruwa Capital’s second investment fund, called Aruwa Capital Fund II. It will be used to restart Yikodeen’s factory and boost how much it can produce.

Aruwa was the only investor in this round, showing strong trust in Yikodeen’s quality and future growth.

Thanks to this funding, Yikodeen’s rapid growth will speed up even more. The company has already grown its revenue ten times, has profit margins above 50%, and has done all this without taking on any debt.

Shamsideen Atunde, Founder and CEO of Yikodeen said:

"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."

Yikodeen started in 2016 by making only 20 pairs of shoes each day. Today, the company produces around 500 pairs daily. It has become a reliable supplier to some of Nigeria’s toughest industries, including delivering over 30,000 safety boots for the NLNG Train 7 project.

With the new investment, Yikodeen plans to increase production to 2,500 pairs per day across different types of footwear, once its updated factory is fully running. This would make it the biggest safety shoe producer in West Africa.

Statista reports that Nigeria’s footwear market is worth about $2.1 billion in 2024 and could grow to $2.6 billion by 2029. The safety footwear section alone is valued at $700 million.

Yikodeen is in a strong position to take a large share of this growing market. It is one of the few local companies officially approved to supply safety shoes to Nigeria’s oil and gas industry.

Adesuwa Okunbo Rhodes, Founder and Managing Partner of Aruwa Capital Management, emphasised the significance of the strategic investment.

She said:

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

The recent investment in Yikodeen will significantly boost its manufacturing operations by enabling the purchase of advanced equipment, expanding its factory, and increasing production capacity tenfold.

The upgrade will make Yikodeen the largest safety footwear producer in West Africa, with modern quality control systems ensuring top global standards.

In addition to commercial growth, Yikodeen is committed to social impact, employing over 80 people—61% of them women in factory roles and 33% in senior positions. The expansion is expected to create around 200 new skilled jobs.

Source: Legit.ng