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Aruwa Capital Management, a Lagos-based private equity firm focused on Nigeria and Ghana, has announced its investment in Polysmart Packaging, a Nigerian plastic recycling and packaging company.
Aruwa made the investment in December 2025 through its second fund, Aruwa Capital Fund II, to support Polysmart’s expansion.
On 29 October 2026, Polysmart commissioned Phase 1 of its expanded recycling facility in Mowe, Ogun State.
Founded in 2013 as a flexible packaging business, Polysmart has expanded into PET recycling to address Nigeria’s growing plastic waste challenge and increasing demand for sustainable packaging. It produces food-grade rPET flakes and resin pellets for beverage and fast-moving consumer goods (FMCG) manufacturers.
“Aruwa’s backing during our expansion reflects the strength of the partnership we have built and our shared conviction in Polysmart’s long-term potential,” said Wasiu Balogun, founder and chief executive officer of Polysmart. “This timely support helped us bring Phase 1 to commissioning and positions us for the next stage of our growth, building the food-grade recycled resin supply that Nigeria’s beverage and FMCG brands will increasingly need in light of new regulations. Aruwa is far more than a capital partner. The governance and hands-on strategic support the team provides has made a real difference to how we are scaling the business.”
“Polysmart is proof that world-class manufacturing can be built, owned and run in Nigeria,” said Adesuwa Okunbo Rhodes, founder and managing partner of Aruwa. “It sits at the intersection of environmental sustainability, manufacturing excellence and import substitution, which is exactly the kind of business Aruwa exists to back.”
* Read more: In-depth interview with Adesuwa Okunbo Rhodes, managing partner of Aruwa Capital.
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