President Bola Tinubu has assured local and international investors that Nigeria remains open for business, saying his administration is working to create a more predictable, competitive and investment-friendly environment.
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The President said the economic reforms introduced by his administration were driven by the need to build a more productive and competitive economy capable of reducing Nigeria’s dependence on imports, strengthening local manufacturing and creating more opportunities for citizens.
Tinubu made the remarks on Monday in Abuja during the 75th anniversary celebration of Nigerian Bottling Company Limited (NBC), held at the Bola Ahmed Tinubu International Conference Centre.
The President, who was represented at the event by the Secretary to the Government of the Federation, Senator George Akume, said the Federal Government was aware of the challenges facing 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,” the President said.
Tinubu Lists Key Factors Needed to Attract Investment
According to Tinubu, businesses need reliable electricity and infrastructure, consistent regulations, efficient ports and logistics, access to foreign exchange and a tax system that supports productive enterprise.
He said these factors play an important role in determining whether investors will expand their factories, introduce new production lines and create additional jobs.
The President explained that the government’s reforms were aimed at developing an economy that produces more locally and competes effectively in global markets.
“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.
Coca-Cola’s $1 Billion Investment Commitment
Tinubu welcomed the Coca-Cola System’s announcement in 2024 of a potential US$1 billion investment in Nigeria over five years.
He described the commitment, which followed US$1.5 billion invested in the country during the previous decade, as a strong indication of investor confidence in Nigeria’s economy.
However, the President said the government was interested in more than the amount of capital entering the country. He said investments should generate jobs, develop skills, strengthen local businesses, increase local sourcing and facilitate technology transfer.
“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.
Nigeria Must Become More Than a Consumer Market
Tinubu said Nigeria should not be viewed simply as a large market where multinational companies sell their products.
Instead, he said the country should become a destination where businesses establish operations, develop local talent and supply chains, expand their activities and compete across African and international markets.
He pointed to Nigerian Bottling Company’s continued investment in production capacity, including new production lines at Asejire in Oyo State and Challawa in Kano State, as an example of the type of investment needed to strengthen Nigeria’s productive base.
The President also called on businesses and policymakers to increase local content, develop Nigerian companies into reliable suppliers for major manufacturers and train young Nigerians to operate and maintain modern industrial equipment.
He further encouraged the gradual replacement of imports with competitively produced Nigerian goods.
FG Promises Continued Support for Businesses
Tinubu pledged that the Federal Government would continue to improve policies, infrastructure and regulations to encourage investment and domestic production.
However, he stressed that government could not achieve economic transformation alone and called on the private sector to complement government 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.
Tinubu Highlights Importance of Human Capital
The President also emphasised the importance of developing Nigeria’s human capital, saying the true value of investment ultimately lies in the opportunities it creates for people.
He commended Nigerian Bottling Company’s Supply Chain Academy, established in 1996, which has trained more than 1,400 young people.
He also recognised the company’s empowerment programmes for women and community interventions, including water and hygiene initiatives.
According to Tinubu, Nigeria’s large youthful population could become a significant economic advantage if young people receive the education, technical skills and opportunities needed 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, identifying human capital development, enterprise and job creation as key pillars of the Renewed Hope Agenda.
President Acknowledges Economic Reform Challenges
Tinubu acknowledged that Nigerians and businesses have faced difficulties and made sacrifices as a result of the ongoing reform process.
However, he maintained that some of Nigeria’s longstanding structural economic challenges must be addressed to create a stronger and more competitive economy.
“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.
The President reaffirmed the administration’s willingness to welcome investors prepared to make long-term commitments to Nigeria, particularly businesses that manufacture locally, develop Nigerian talent, strengthen domestic supply chains and contribute 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 businesses to explore opportunities across Nigeria, noting that the country has the population, market, resources and entrepreneurial energy needed to become a major productive economy.
NBC Marks 75 Years of Investment in Nigeria
Earlier, Tinubu congratulated the board, management, employees, distributors, suppliers and partners of Nigerian Bottling Company on its 75th anniversary.
He described the company’s journey from its establishment in Lagos in 1951 to becoming a nationwide enterprise as an example of the opportunities created by long-term investment in Nigeria.
The President 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.
He said the figures highlight the multiplier effect of productive investment, with manufacturing activities creating opportunities for suppliers, transporters, engineers, technicians, distributors, retailers, farmers, financial institutions and other businesses.
Tinubu urged Nigerian Bottling Company and the Coca-Cola System to maintain their investments in Nigeria, continue developing local talent, strengthen domestic supply networks and identify new opportunities for creating value within the country.
The President expressed confidence that Nigeria could build an economy that produces and exports more, creates greater domestic value, develops globally competitive industries and prepares young Nigerians for emerging technologies and future jobs.
He said achieving economic transformation would require consistent policies, investment, infrastructure and confidence in Nigeria’s potential, assuring that his administration would remain committed to the reforms needed to achieve these objectives.
Tinubu wished Nigerian Bottling Company, its management, employees, partners and the wider Coca-Cola System continued success as the company begins another chapter of its operations in Nigeria.
