Nigeria open for business, Tinubu tells local, International investors

President Bola Ahmed 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 business environment.

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

President 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,” he said.

He said 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.

He said these factors directly influence investors’ decisions on whether to expand factories, establish new production lines, and create additional employment opportunities.

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.

The President welcomed the Coca-Cola System’s 2024 announcement 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 said.

The President 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 Nigerian Bottling Company’s continued investment in production capacity, including new production lines at Asejire in Oyo State and Challawa in Kano state, represents the kind of investment needed to strengthen the productive base of the Nigerian economy.

The President challenged businesses and policymakers to explore ways to increase local content, develop Nigerian companies into dependable suppliers to major manufacturers, train young Nigerians to operate and maintain modern industrial equipment, and progressively replace imports with competitively manufactured Nigerian products.

He said the federal government would continue to improve policies, infrastructure, and the regulatory environment needed to encourage investment and domestic production, stressing that the private sector must complement the 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 said.

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

He 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 community interventions, 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 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 important pillars of the Renewed Hope Agenda.

The President acknowledged the sacrifices Nigerians and businesses have made as a result of the ongoing reform process but maintained that longstanding structural problems in the economy must be confronted to build a stronger, 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,” he 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.