• Says Nigeria open for business
Olawale Ajimotokan in Abuja
President Bola Tinubu yesterday welcomed the Coca-Cola System’s announcement in 2024 of a potential $1 billion investment in Nigeria over five years, describing the commitment, which followed $1.5 billion invested during the preceding decade, as a vote of confidence in the Nigerian economy.
He spoke yesterday in Abuja at the 75th anniversary flagship event of the Nigerian Bottling Company Limited (NBC), held at the Bola Ahmed Tinubu International Conference Centre.
The President, represented by the Secretary to the Government of the Federation, Senator George Akume, assured local and international investors that Nigeria remains open for business, while his administration is working to create a more predictable, competitive and investment-friendly business environment.
Tinubu said the Coca-Cola System generated an estimated $1 billion in value-added economic activity in Nigeria in 2024, supported more than 160,000 livelihoods across its value chain and purchased approximately $601 million worth of goods and services from Nigerian suppliers.
He added that the federal government recognised the practical challenges confronting businesses and was addressing them through reforms under the Renewed Hope Agenda.
“Our message to investors, both Nigerian and international, is clear: Nigeria is open for business, and we are working to make the business environment more predictable, more competitive and more supportive of investment,” Tinubu said.
He noted that businesses require reliable power and infrastructure, clear and consistent regulations, efficient ports and logistics, access to foreign exchange and a tax system that encourages productive enterprise.
The President explained that the administration embarked on its economic reforms because of the need to build a more productive and competitive economy capable of reducing dependence on imports, expanding domestic manufacturing and creating greater opportunities for Nigerians.
“We are making difficult changes because we want a more productive and competitive Nigerian economy. We do not want to remain overly dependent on imported goods while our own productive capacity remains underdeveloped. We want to produce more, manufacture more, add more value locally and create more opportunities for Nigerians,” he said.
He said his administration was interested not merely in the volume of capital coming into the country but also in the impact such investments have on employment, skills development, local sourcing, technology transfer and domestic productive capacity.
“For this Administration, that is what investment must mean. We are interested not only in the amount of capital that comes into Nigeria, but in what that capital does here,” he stated.
Tinubu said Nigeria should not be regarded merely as a large market where international businesses sell their products, but as a country where enterprises can establish operations, develop local talent and supply chains, grow and compete in African and global markets.
He said the continued investment by Nigerian Bottling Company in production capacity, including new production lines at Asejire in Oyo State and Challawa in Kano State, represents the kind of investment required to strengthen the productive base of the Nigerian economy.
The President challenged businesses and policymakers to explore ways of increasing local content, developing Nigerian companies into dependable suppliers to major manufacturers and progressively replacing imports with competitively manufactured Nigerian products.
He pledged that the federal government would continue to improve policies, infrastructure and the regulatory environment required to encourage investment and domestic production.
“The government has a role to play. We will continue to work on the policies, infrastructure and regulatory environment required to support investment and domestic production. But the government cannot do this alone.
“The private sector must also play its part. Businesses invest. Businesses innovate. Businesses take risks. Businesses create jobs. Our responsibility in government is to create an environment in which those things can happen,” he said.
He stressed the importance of human capital development, noting that investment ultimately derives its value from the opportunities it creates for people.
He commended the Nigerian Bottling Company for its Supply Chain Academy, established in 1996, which had trained more than 1,400 young people, as well as its empowerment initiatives for women and interventions in communities, including water and hygiene programmes.
The President reaffirmed the administration’s readiness to welcome investors prepared to make long-term commitments to Nigeria, particularly companies willing to manufacture locally, develop Nigerian talent, deepen local supply chains and contribute positively to their host communities.