The Tinubu Media Support Group TMSG has said that the new multi-million dollar investments in Nigeria by Coca Cola and TotalEnergies are clear pointers to the direction of President Bola Tinubu’s economic reforms.
In a statement signed by its Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, TMSG noted that both are significant economic developments, which show that Nigeria remains open to serious business.
It said: ” They are indeed significant developments with implications for the future: The first being the kick- off an upstream gas project which would deliver 350 million standard cubic feet of gas per day when operational while the other is an announcement by Coca Cola of a $1bn fresh investment into the country.
“For us, these are very key investments that underline the commitment of the President Bola Tinubu administration to providing a conducive atmosphere for local and foreign businesses to thrive.
“And nothing best captures the government’s mindset than what the President told the Coca-Cola global leadership team, ‘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.’
“Indeed, when the President gave that assurance during his inauguration last year, we were convinced that he would back his words with action. The swift manner the Central Bank cleared valid forex backlog amounting to $7bn was a clear indication of where the government was headed in terms of winning investor confidence.
“So we were not surprised that the Coca Cola Company which had in 2021 reneged on a promise to invest $1bn over a 5- year period, came back with the full complement of its global leadership headed by its President and Chief Financial officer John Murphy to announce its intention.
“It is gratifying that officials of the multinational company which had since 2013 invested $1.5bn in its Nigeria operations, hinged the additional $1bn Investment plan on what they described as ‘a predictable and enabling environment’ and the President’s assurance that foreign businesses can repatriate dividends and profits.
“We see this as an affirmation of a bold statement of intent that has kept on resonating across the world and which the Chinese authorities also alluded to during President Tinubu’s recent engagement with President Xi Jiping.
“Let us not also forget the speed with which the Nigerian National Petroleum Company Limited (NNPCL) has moved to consumate the $550m non-associated gas investment deal with TotalEnergies- the Ubeta Field Development Gas Project- few months after the Final Investment Decision (FID) was signed in June.
“The Ubeta field, which was discovered in 1964, is located northwest of Port Harcourt, Rivers State and according to TotalEnergies in a recent explainer, it is the latest in a series of gas projects the oil firm is developing in Nigeria, which also include the Ikike and Akpo West fields where production has already commenced.
“We specifically want to point out that, the French conglomerate made it clear that its involvement in the new gas project was made possible by the government’s recent incentives for non-associated gas developments while adding that Ubeta fits perfectly with its strategy of developing low-cost and low-emission projects.
“This is the same company that we were told was heading out of Nigeria just because it chose to also invest in Angola and the DRC this year.
“But in all of these, the message from the Tinubu administration in the two instances are clear: Nigeria is open to serious business on the watch of President Tinubu and expectedly, the world has taken notice.”
TMSG is convinced that Nigeria will attract more foreign investments because of the pro-business approach and policies of the President Tinubu administration.
