• Says Nigeria remains open for business, pledges investor-friendly environment
*President Bola Tinubu.
President Bola Ahmed Tinubu has welcomed the Coca-Cola System’s proposed US$1 billion investment in Nigeria over five years, describing the commitment as a strong vote of confidence in the Nigerian economy and his administration’s ongoing economic reforms.
The President also assured local and international investors that Nigeria remains open for business, saying his administration is determined to create a more predictable, competitive and investment-friendly environment that will stimulate production, attract capital and create jobs.
Tinubu spoke 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. He was represented by the Secretary to the Government of the Federation, Senator George Akume.
The President said the Coca-Cola System’s proposed investment, coming after about US$1.5 billion invested in Nigeria in the preceding decade, demonstrated continued confidence in the country’s economic prospects.
“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,” he said.
According to him, the Federal Government recognises the practical difficulties confronting businesses and is addressing them through reforms under the Renewed Hope Agenda, with emphasis on strengthening the foundations required for sustainable private-sector investment.
He identified reliable power and infrastructure, clear and consistent regulations, efficient ports and logistics, access to foreign exchange and a tax system that encourages productive enterprise as critical factors influencing investment decisions.
Tinubu said these conditions determine whether companies will expand factories, establish new production lines, deepen local supply chains and create additional employment opportunities.
He explained that the administration’s economic reforms were designed to move Nigeria away from excessive dependence on imports towards greater domestic production, manufacturing and value addition.
“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.
The President said the government was interested not simply in the volume of foreign capital attracted into the country but in the economic impact of such investments.
“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.
Tinubu said Nigeria must evolve beyond being viewed merely as a large consumer market for international companies, stressing that the country should increasingly serve as a production and manufacturing base from which businesses can compete across African and global markets.
He cited Nigerian Bottling Company’s continued investment in production capacity, including new production lines at Asejire in Oyo State and Challawa in Kano State, as examples of the type of long-term investment capable of strengthening Nigeria’s productive base.
The President challenged businesses and policymakers to deepen local content by developing Nigerian companies into dependable suppliers, training young Nigerians to operate and maintain modern industrial equipment and gradually replacing imports with competitively manufactured products.
He pledged that the Federal Government would continue to improve policies, infrastructure and regulations needed to encourage investment and domestic production.
“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 said.
Tinubu also emphasised the importance of human capital development, saying the value of investment ultimately lies in the opportunities it creates for Nigerians.
He commended NBC’s Supply Chain Academy, established in 1996, which has trained more than 1,400 young people, as well as the company’s women empowerment initiatives and community interventions in areas including water and hygiene.
The President said Nigeria’s youthful population could become a major economic advantage if young people are equipped with the education, technical skills and opportunities needed to participate productively in the economy.
He said his 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 key pillars of the Renewed Hope Agenda.
Acknowledging the difficulties associated with the reform process, Tinubu said the government remained conscious of the sacrifices being made by Nigerians and businesses but insisted that longstanding structural weaknesses in the economy must be addressed.
“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 further called on investors prepared to make long-term commitments to Nigeria to take advantage of the opportunities available in the country.
“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,” Tinubu said.
Earlier, the President congratulated the Board, Management, employees, distributors, suppliers and partners of NBC on the company’s 75th anniversary, describing its evolution from a business established in Lagos in 1951 into a nationwide enterprise as evidence of the opportunities created by long-term investment in Nigeria.
He disclosed 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.
According to him, the figures demonstrate the multiplier effect of productive investment, which extends beyond manufacturing to suppliers, transporters, engineers, technicians, distributors, retailers, farmers, financial institutions and other businesses.
Tinubu urged NBC and the wider Coca-Cola System to sustain their investments in Nigeria, deepen local supply networks, develop Nigerian talent and explore new opportunities for value creation.
He expressed confidence that Nigeria could build a stronger productive economy capable of producing and exporting more, creating greater domestic value and developing globally competitive industries.
The President said achieving that objective would require consistent policies, investment, infrastructure and sustained confidence in Nigeria’s economic potential, assuring investors that his administration would remain committed to reforms aimed at transforming the country into a more competitive destination for productive capital.
He wished NBC, its management, employees, partners and the entire Coca-Cola System continued success as the company begins another chapter of its operations in Nigeria.