Yikodeen, a Nigerian manufacturer specializing in safety footwear, has secured a $1.5 million investment from Aruwa Capital Management, a gender-lens private equity firm focused on West Africa. The funding, drawn from Aruwa Capital Fund II, will be used to significantly expand Yikodeen’s production capacity and deepen its market presence across Nigeria and the broader West African region.
Founded in 2016 by Shamsideen Atunde, Yikodeen began as a modest workshop producing just 20 pairs of safety shoes per day. Today, it has grown into a key player in Nigeria’s industrial footwear sector, currently manufacturing 500 pairs daily. With this new capital injection, the company aims to scale production to 2,500 pairs per day, positioning itself as the largest safety footwear producer in West Africa.
Yikodeen has already made a substantial impact in the industry, supplying over 30,000 safety boots to major infrastructure and energy projects, including the Nigeria LNG Train 7. It is also 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—a critical endorsement in a highly regulated industry.
The investment will support several key initiatives:
- Acquisition of advanced manufacturing equipment
- Expansion of factory infrastructure
- Implementation of digital quality control systems
These upgrades are expected to enhance operational efficiency, improve product quality, and enable Yikodeen to meet rising demand from sectors such as construction, oil and gas, and manufacturing.
Nigeria’s footwear market, valued at approximately $2.1 billion in 2024, is projected to grow to $2.6 billion by 2029. The safety footwear segment alone accounts for around $700 million, driven by stricter enforcement of workplace safety regulations and the expansion of industrial activity across the region.
Beyond its commercial ambitions, Yikodeen is deeply committed to social impact. The company employs over 80 workers, with women making up 61% of the factory workforce and 33% of senior management. It also runs annual vocational training programs in leatherwork, benefiting more than 200 individuals, and donates over 1,000 pairs of shoes annually to children in underserved communities.
Aruwa Capital Management, founded by Adesuwa Okunbo Rhodes, is known for backing high-growth, gender-diverse businesses in Nigeria and Ghana. Its second fund has attracted support from major institutions, including the Mastercard Foundation Africa Growth Fund, Visa Foundation, and Nigeria’s Bank of Industry.
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 approximately 200 new skilled jobs, reduce Nigeria’s reliance on imported safety footwear, and contribute to the country’s broader goals of industrial self-sufficiency and inclusive economic development.
