It has since attracted investors including Nigerian investment and financial advisory firm Verod Capital, the private equity arm of Standard Chartered Bank and London Stock Exchange-listed investment group Ashmore.

A medical doctor who quit practice to venture into private equity, Olowolafe joined GZI two years ago with Verod Capital.

“The numbers were compelling. It is an import substitution business. The products, as we speak now, are all being imported into Kenya and many other countries. Why would you import a can with just air into Kenya to then refill? It is a no-brainer. Of course, the risk is still there just like any other business, but we liked the idea of creating jobs and transferring technology to our youth. It always excites me when we manufacture in Africa. This is good for Africa.”

As it charts its expansion across Africa, Olowolafe says GZI will be riding on the lessons learned in Nigeria over the last four years.

“It is about detailed planning, not taking anything for granted, ensuring the best people in the world work for us… and understanding the local nuances.”

A major challenge the company faces is access to human capital.

“This is a very highly automated business. When we employ local people we need to do a lot of training. There are very few people in the world who have done this before so we would need to train Kenyans, especially on the technical elements.”

Olowolafe reckons good governance, rule of law and political stability will encourage increased investment in manufacturing, an industry that has the potential to “unlock Africa’s economic growth”.

“Africa has kicked off. We are seeing the transformation but it is always tough at the beginning. You may not feel it now but in the next five years it is not going to be the same Africa.”

He says Rwanda, Ghana and Botswana are interesting markets but adds that opportunities in Africa are not only limited to traditional investment destinations.

“There are many interesting countries in Africa that have opportunities but there is limited equity for individual companies. You cannot deploy all your capital at the same time in different countries simultaneously. So you may need to choose depending on your in-house criteria using different metrics to decide where you want to expand to next.”

Nigerians are natural entrepreneurs

A renowned entrepreneur in Nigeria, Olowolafe founded Deux Project, a company which initially focused on restructuring and fitting hospitals but later expanded to include general civil engineering, construction and consultancy.

He notes that Nigerian entrepreneurs are keen to invest across Africa in countries where democracy is entrenched.

“Nigerians are natural entrepreneurs. We are courageous enough to risk capital. It is all about courage and having faith in the environment. As long as the rule of law is there, Nigerians will invest.”

To be successful, Olowolafe says, entrepreneurs should “be highly ethical” and undertake processes that are transparent.

“You must believe in what you are doing. You must have the courage and the faith and ensure you employ world class professional to assist you achieve your goals.”