We’re building strong financial system, business-friendly economy–Tinubu

COMFORT EKELEME, Business Editor, with agency reports

 

President Bola Tinubu has reiterated his administration’s commitment to creating a robust financial system and a business-friendly economy that will attract more foreign direct investments.

 

The President committed Thursday in Abuja, as the Coca-Cola Company announced plans to invest $1 billion in Nigeria over the next five years.

 

The announcement was made at a meeting between the President and the global leadership team of Coca-Cola Company, led by Mr. John Murphy, its president and chief financial officer, and the Chairman of Nigerian Bottling Company, Ambassador Segun Apata.

 

President Tinubu commended Coca-Cola for its long-standing partnership with Nigeria and for promoting investment opportunities that have employed over 3000 people across nine production facilities.

 

”We are business-friendly, and as I said at my inauguration, we must create an environment of easy-in and easy-out for businesses.

 

”We are building a financial system where you can invest, re-invest, and repatriate all your dividends. I have a firm belief in that,” he said.

 

President Tinubu told the delegation that private sector partnerships, which sustain investments, are central to his government’s far-reaching reforms to improve the business environment.

 

He pledged that the government would continue partnering with Coca-Cola to expand investments in Nigeria and address environmental issues, including climate change.

 

”The size of this country is enormous in Africa, and the consumption capacity of Nigeria is expanding daily,” President Tinubu added while commending the company for scaling up its skill development and community initiatives as part of its corporate social responsibility.

 

Presenting an overview of Coca-Cola’s business in Nigeria, Murphy noted that the company generates N320 billion annually through nearly 300,000 customers and contributes almost N90 billion in revenue to the Nigerian government.

 

”We are very proud of the growth of the business over a long period and its impact on the daily lives of many Nigerians.

 

”Beyond the financial impacts, we are also very committed to supporting the communities, and over the last number of years, we’ve had a special focus on several areas in the world of sustainability, water packaging, and others, ” he said.

 

Mr Zoran Bogdanovic, CEO of Coca-Cola Hellenic Bottling Company, explained that the company’s confidence in Nigerian government policies had encouraged it to make the $1 billion investment pledge.

 

”Mr. President, in your inaugural address, we were very pleased to hear of your invitation for foreign investors to invest and your assurance that foreign businesses can repatriate dividends and profits.

 

”That assurance gives us the confidence to continue our investments. Since 2013, we have invested $ 1.5 billion in Nigeria in capacity expansion, the transformation of our supply chain infrastructure capabilities, training and development.

 

”I am very pleased to announce that, with a predictable and enabling environment in place, we plan to invest an additional $1 billion over the next five years.

 

”We believe Nigeria’s potential is tremendous, and we are committed to working with the government to realise this potential,” he said.

Tinubu restates its commitment to attracting FDIs.

 

President Bola Tinubu has reiterated his administration’s commitment to creating a robust financial system and a business-friendly economy that would attract more foreign direct investments.

 

The President made the commitment on Thursday in Abuja, as the Coca-Cola Company announced plans to accelerate its investments in Nigeria to 1 billion dollars over the next five years.

 

The announcement was made at a meeting between the President and a Coca-Cola team, led by the Chief Executive Officer of Coca-Cola Hellenic Bottling Company, Mr. Zoran Bogdanovic and the President, of Coca-Cola Company, Mr. John Murphy.

 

President Tinubu commended Coca-Cola for its long-standing partnership with Nigeria and for promoting investment opportunities that had employed over 3000 people across nine production facilities.

 

“We are business-friendly, and as I said at my inauguration, we must create an environment of easy-in and easy-out for businesses.

 

“We are building a financial system where you can invest, re-invest and repatriate all your dividends. I have a firm belief in that,” he said.

 

President Tinubu told the delegation that private sector partnerships, which sustained investments, were central to his government’s far-reaching reforms to improve the business environment.

 

He pledged that the government would continue partnering with Coca-Cola to expand investments in Nigeria and address environmental issues, including climate change.

 

“The size of this country is enormous in Africa, and the consumption capacity of Nigeria is expanding daily,” Tinubu added.

 

He commended the company for scaling up its skill development and community initiatives as part of its corporate social responsibility.

 

Presenting an overview of Coca-Cola’s business in Nigeria, Murphy noted that the company generated N320 billion annually through nearly 300,000 customers.

 

He said the company also contributed almost N90 billion in revenue to the Nigerian government.

 

“We are very proud of the growth of the business over a long period and its impact on the daily lives of many Nigerians.

 

“Beyond the financial impacts, we are also very committed to supporting the communities, and over the last number of years, we’ve had a special focus on several areas in the world of sustainability, water packaging and others,” he said.

 

Mr. Zoran Bogdanovic, CEO of Coca-Cola Hellenic Bottling Company, explained that the company’s confidence in Nigerian government policies had encouraged it to make the 1 billion dollar investment pledge.

 

“Mr. President, in your inaugural address, we were very pleased to hear of your invitation for foreign investors to invest and your assurance that foreign businesses can repatriate dividends and profits.

 

“That assurance gives us the confidence to continue our investments. Since 2013, we have invested 1.5 billion in Nigeria in capacity expansion, the transformation of our supply chain infrastructure capabilities, training and development.

 

“I am very pleased to announce that, with a predictable and enabling environment in place, we plan to invest an additional 1 billion dollars over the next five years.

 

“We believe Nigeria’s potential is tremendous, and we are committed to working with the government to realise this potential,” he said.

 

Nigeria is closer to having a livestock Ministry as President Bola Tiinubu on Thursday received a report from a committee he set up to reform Nigeria’s livestock sector.

 

Mr. Tinubu’s media adviser, Bayo Onanuga, announced the submission of the report in a post on X.

 

The committee is chaired by Mr. Tinubu but co-chaired by former electoral chief Attahiru Jega, who presides over its meetings in Mr. Tinubu’s absence.

 

Part of the committee’s mandate is to establish modalities for the establishment of a Ministry of Livestock Development.

 

Mr. Tinubu, on 9 July, inaugurated the committee to implement his government’s livestock policy. He announced that he would chair the committee, while Mr. Jega would be his deputy and co-chairperson.

 

He said he believes the work of the committee and the eventual ministry will lead to increased meat and dairy production as well as reduce the violence between herders and farmers which has led to thousands of deaths in many states.

 

“I’m here before you to inaugurate the committee for the implementation of the livestock in our beloved country.

 

“First and foremost, to provide impetus to enable Nigeria to finally take advantage of livestock farming, dairy product, cold chain logistics, collectively offers substantial commercial and economic advantages.

 

“We have seen the solution and opportunity, with this adversity that has plagued us over the years, and I believe the prosperity is here in your hands.”

 

The Nigerian leader said the new ministry will increase dairy production in Nigeria, which relies on imports for most of its dairy products.

 

“The dairy industry contributes significantly to nutrition and food security that supply essential proteins and vitamins through the milk and its derivatives such as chess, yoghurt, butter and economic advantages.

 

“Efficient cold-chain, logistics are crucial in maintaining the quality and safety of these perishable goods from farm to market, thereby reducing food waste and ensuring a steady supply,” he said.

 

Controversy has traced the proposal to create a livestock ministry since the president first hinted at it on 9 July.

 

The move was lauded by some Nigerians, including APC national chairman Abdullahi Ganduje and the Miyetti Allah Cattle Breeders Association of Nigeria, who said it would allow the government to focus on livestock production and its associated benefits.

 

Critics, however, argued that it would further increase the size of government, which many, including the Tinubu administration, have argued to be bloated.

 

The Tinubu administration had said it would implement the Orasanye report, which called for a leaner government by scrapping some government institutions and merging others.

 

In the meantime, President Bola Tinubu has canceled his scheduled trip to the United States (US) for the 79th United Nations General Assembly (UNGA) session where he had been billed to join other world leaders to discuss global issues including climate change and other.

 

In the meantime, the President has directed the Vice President, Kashim Shettima, to lead Nigeria’s delegation to the annual world summit and deliver the country’s stance on prepared issues to the assembly.

 

The president’s canceled trip was disclosed on Thursday through a statement released by his Special Adviser on Information and Strategy, Bayo Onanuga.

 

The president noted that the cancellation of the trip would allow him to focus on domestic issues and address some of the country’s challenges, especially after the recent devastating flooding.

 

The President will be using the window to address the fuel prices and supply which had resulted in the return of queues to filling stations in the country.

 

According to the statement, “President Tinubu, who returned to the country last Sunday after his trip to China and the United Kingdom, wants to focus on domestic issues and address some of the country’s challenges, especially after the recent devastating flooding.

 

“At UNGA 79, Vice President Shettima will deliver Nigeria’s national statement to the General Assembly, attend important sideline events, and hold bilateral meetings.

 

“The high-level General Debate, with the theme “Leaving no one behind: Acting together for the advancement of peace, sustainable development, and human dignity for present and future generations,” will run from Tuesday, September 24, through Saturday, September 28, 2024″.

 

Meanwhile, The Court of Appeal, Abuja division, on Thursday approved the request of the Federal Government and the former Chief Justice of Nigeria, Justice Walter Onnoghen to settle the appeal filed by the latter out of court.

 

Onnoghen had filed an appeal challenging his removal as CJN.

 

Former President Muhammadu Buhari had in 2019 removed Justice Onnoghen, as the Chief Justice of Nigeria following a charge leveled against him bordering on false declaration of his assets which the Code of Conduct Tribunal, had found him guilty.

 

Following his removal, Onnoghen was also made to forfeit the undeclared assets to the Federal Government as well as his five bank accounts.

 

At the resumed hearing in the appeal, the lead counsel to the former CJN, Dr. Ogwu Onoja, told the 3-member panel of justices of the Appellate Court that the two parties in the suit are already having discussions on a peaceful resolution of the dispute.

 

Onoja told the panel that the parties had been in discussion until Wednesday, September 18.

 

While expressing hope that the discussion would end up with a fruitful result, he asked the court to give them a one-month adjournment for the final settlement of the matter.

 

The lawyer to the Federal Government, Tijani Gazali, did not object to Onoja’s submission, he rather gave support to it and asked the Court to shift the matter forward for a possible amicable settlement.

 

He said, “My Lords, I wish to humbly confirm the information. It is our position to settle the matter out of court.”

 

Justice J. O. Oyewole, who presided over today’s sitting, directed both parties to file terms of settlement for adoption when eventually agreed upon.

 

He also ordered them to document the terms of the settlement and file before the adjourned date for the court to adopt as its judgment in the matter.

 

He fixed November 4 as the return date for the two parties.

 

 

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