By Nkechi Eze
President Bola Ahmed Tinubu has assured local and international investors of the Federal Government’s commitment to creating a more predictable and competitive business environment, while welcoming the Coca-Cola System’s proposed $1 billion investment in Nigeria.
According to an official statement signed by Yomi Odunuga, Special Adviser to the Secretary to the Government of the Federation on Media and Publicity, Tinubu gave the assurance on Monday in Abuja at the 75th anniversary celebration of Nigerian Bottling Company Limited (NBC).
Represented by the Secretary to the Government of the Federation, Senator George Akume, the President said the administration was addressing challenges confronting businesses 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 identified reliable power and infrastructure, consistent regulations, efficient ports and logistics, access to foreign exchange and a tax system that encourages productive enterprise as key factors influencing investment decisions.
Tinubu said the administration’s economic reforms were aimed at reducing dependence on imports, expanding domestic manufacturing, increasing local value addition and creating more jobs.
“We want to produce more, manufacture more, add more value locally and create more opportunities for Nigerians,” he said.
The President welcomed the Coca-Cola System’s proposed $1 billion investment over five years, describing it as a vote of confidence in the Nigerian economy. He noted that the company had invested $1.5 billion in Nigeria over the preceding decade.
He said the government was interested not only in the volume of capital entering the country but also in its impact on job creation, skills development, local sourcing, technology transfer and the growth of Nigerian businesses.
Tinubu urged investors to see Nigeria not merely as a large consumer market but as a production base where businesses can establish operations, develop local talent and supply chains and compete in African and global markets.
He cited NBC’s investments in new production lines at Asejire in Oyo State and Challawa in Kano State as examples of the productive investments needed to strengthen the domestic economy.
The President also called for greater local content, urging businesses to develop Nigerian companies as dependable suppliers, train young Nigerians to operate modern industrial equipment and progressively replace imports with competitively produced goods.
He pledged that the Federal Government would continue to improve policies, infrastructure and the regulatory environment to support investment and domestic production.
Tinubu acknowledged the difficulties associated with the reform process but maintained that longstanding structural problems in the economy must be addressed to build a stronger and more competitive Nigeria.
He further disclosed that 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 about $601 million worth of goods and services from Nigerian suppliers.
The President urged Nigerian Bottling Company and the wider Coca-Cola System to sustain their investments, deepen local supply networks and continue developing Nigerian talent as the company begins another chapter of its operations in the country.
