Nigeria Is Open For Business, Working To Make Environment More Supportive — Tinubu

President Bola Tinubu has assured local and international investors that Nigeria remains open for business, https://www.channelstv.com reported.

Tinubu also declared that his administration is working to create a more predictable, competitive and investment-friendly business environment.

The President gave the assurance on Monday in Abuja at the 75th anniversary flagship event of the Nigerian Bottling Company Limited (NBC), held at the Bola Ahmed Tinubu International Conference Centre.

Tinubu, who was represented by the Secretary to the Government of the Federation, Senator George Akume, said the Federal Government recognises the practical challenges confronting businesses and is 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,” the President said.

Tinubu 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.

According to him, these factors directly influence decisions by investors on whether to expand factories, establish new production lines and create additional employment opportunities.

President Tinubu 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 added.

The President welcomed the Coca-Cola System’s announcement in 2024 of a potential US$1 billion investment in Nigeria over five years, describing the commitment, which followed US$1.5 billion invested during the preceding decade, as a vote of confidence in the Nigerian economy.

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. Does it create jobs? Does it strengthen Nigerian businesses? Does it develop skills? Does it increase local sourcing? Does it bring new technology and knowledge? Does it help us produce more in Nigeria?

“Those are the outcomes that matter,” he stated.

President 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, training young Nigerians to operate and maintain modern industrial equipment 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, while stressing that the private sector must complement government’s efforts through investment, innovation, risk-taking and job creation.

“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 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 added.

President Tinubu also stressed the importance of human capital development, noting that investment ultimately derives its value from the opportunities it creates for people.

Tinubu commended Nigerian Bottling Company for its Supply Chain Academy, established in 1996, which has 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 said Nigeria’s large youthful population could become a major economic advantage if young people are equipped with the education, technical skills and opportunities required to participate meaningfully in the economy.

He said the administration wants young Nigerians to have opportunities to become entrepreneurs, engineers, technicians, professionals, innovators and manufacturers, stressing that human capital development, enterprise and job creation remain important pillars of the Renewed Hope Agenda.

President Tinubu acknowledged the sacrifices Nigerians and businesses have made as a consequence of the ongoing reform process but maintained that longstanding structural problems in the economy must be confronted to build a stronger and more competitive country.

“I know that the reform process has not been easy. Nigerians have made sacrifices, and businesses have had to adjust to changing conditions. We are not blind to these realities. But we also know that some of the structural problems in our economy cannot simply be wished away. They have to be addressed,” he said.

He 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.

“We welcome investors who are prepared to take the long view. We welcome companies willing to produce in Nigeria, develop Nigerian talent, strengthen local supply chains, and contribute to the communities in which they operate. That is the kind of partnership we want between government and business,” President Tinubu said.

He urged the wider business community to take advantage of opportunities across Nigeria, saying the country possesses the people, market, resources and entrepreneurial spirit required to become a major productive economy.

Earlier, President Tinubu congratulated the board, management, employees, distributors, suppliers and partners of Nigerian Bottling Company on its 75th anniversary, describing its journey from a business established in Lagos in 1951 to a nationwide enterprise as an example of the possibilities inherent in long-term investment in Nigeria.

He noted that the Coca-Cola System generated an estimated US$1 billion in value-added economic activity in Nigeria in 2024, supported more than 160,000 livelihoods across its value chain and purchased approximately US$601 million worth of goods and services from Nigerian suppliers.

The President said the figures demonstrate the multiplier effect of productive investment, as manufacturing activities create opportunities for suppliers, transporters, engineers, technicians, distributors, retailers, farmers, financial institutions and other businesses.

Tinubu charged Nigerian Bottling Company and the Coca-Cola System to sustain their investments in Nigeria, continue developing Nigerian talent, deepen local supply networks and explore new opportunities for creating value in the country.

President Tinubu expressed confidence that Nigeria could build an economy that produces and exports more, creates greater value domestically, develops globally competitive industries and equips young Nigerians for emerging technologies and jobs.

He said economic transformation requires consistent policies, investment, infrastructure and confidence in Nigeria’s capacity, stressing that the government would remain committed to the reforms necessary to achieve the objective.

The President wished Nigerian Bottling Company, its management, employees, partners and the entire Coca-Cola System greater success as the company begins another chapter of its operations in Nigeria.