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Nigeria Aims to Create Investor-Friendly Financial System, Says Tinubu
President Bola Tinubu has emphasized his administration’s focus on enhancing Nigeria’s financial system to attract local and foreign investments.
In a statement released by Bayo Onanuga, Special Adviser to the President on Information and Strategy, Tinubu spoke following a meeting with Coca-Cola’s global leadership team, including President and Chief Financial Officer John Murphy and Nigerian Bottling Company Chairman Ambassador Segun Apata. He reiterated the government’s commitment to fostering a robust, business-friendly economy that encourages foreign direct investment.
Tinubu praised Coca-Cola for its longstanding relationship with Nigeria, highlighting its role in creating over 3,000 jobs across nine production facilities. “We are business-friendly, and as I stated during my inauguration, we must cultivate an environment that facilitates easy entry and exit for businesses,” he remarked.
He stressed the importance of private sector partnerships in sustaining investments and noted that his government’s reforms are aimed at improving the overall business environment. The President assured the delegation that the government would continue its collaboration with Coca-Cola to enhance investments and tackle environmental issues like climate change.
“The scale of Nigeria in Africa is vast, and our consumption capacity is growing daily,” he added, commending Coca-Cola for its community initiatives and skill development programs as part of its corporate social responsibility efforts.
John Murphy outlined Coca-Cola’s substantial impact in Nigeria, generating N320 billion annually through nearly 300,000 customers and contributing almost N90 billion in revenue to the government. He expressed pride in the company’s growth and its positive influence on the lives of many Nigerians.
Zoran Bogdanovic, CEO of Coca-Cola Hellenic Bottling Company, shared that confidence in the Nigerian government’s policies has led to a $1 billion investment pledge. “We were encouraged by your invitation for foreign investors and the assurance of dividend repatriation. Since 2013, we have invested $1.5 billion in Nigeria and plan to invest an additional $1 billion over the next five years,” he announced. “We believe Nigeria’s potential is immense, and we are committed to partnering with the government to unlock that potential.”
The Transmission Company of Nigeria (TCN) has reported its seventh partial grid collapse in 2024. Despite the recurring issue, TCN’s General Manager of Public Affairs, Ndidi Mbah, reassured the public that efforts to restore power are well underway, with about 90% of substations receiving bulk power.
Mbah noted that the Azura Power Station initiated the grid recovery, although a minor setback occurred. However, power supply has been restored to the Abuja region and other key distribution centers. The Ibom Gas Generating Station remained unaffected, continuing to supply power to the South-South region.
An investigation into the cause of the collapse will commence once full grid restoration is achieved.
Vice President Kashim Shettima has expressed deep sorrow over the tragic tanker explosion in Jigawa State, which claimed over 100 lives. In a statement issued by his media aide, Stanley Nkwocha, Shettima, on behalf of President Bola Tinubu, extended condolences to the affected families, praying for strength and comfort in their time of grief.
Shettima assured the public that the federal government is mobilizing resources to support the injured and assist those affected. He has directed the immediate deployment of the National Emergency Management Agency (NEMA) to provide aid. The Vice President also stressed the need for a review of fuel transportation safety protocols to prevent future incidents.
In a separate statement, First Lady Oluremi Tinubu offered her condolences to Jigawa Governor Umar Namadi and the people of Jigawa, praying for peace and comfort for the families affected. She called the incident “unfortunate” and extended prayers for the recovery of the injured and the repose of the souls lost in the tragedy.
The Nigeria Customs Service (NCS) has revealed that it intercepted a total of 10,598 pieces of arms and 114,929 rounds of ammunition valued at N9.58 billion over the past six years. Comptroller General of Customs, Bashir Adewale Adeniyi, made this disclosure during a press conference on enforcement activities in Zone A.
Adeniyi highlighted that 60% of these seizures occurred in 2023, reflecting the Customs’ increased efforts to curb arms smuggling. He also mentioned that recent operations such as Operation Whirlwind and Operation Swift Sting are part of a strategic response to tackle evolving smuggling tactics.
In addition to arms seizures, the Customs CG announced the largest pangolin scale seizure since 2020, with 9,493 kg of scales confiscated in collaboration with the Wildlife Justice Commission. The joint operation led to four arrests across Kano, Kaduna, and Lagos. The NCS continues to intensify efforts against wildlife trafficking, targeting supply routes in northern Nigeria and border areas.
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