New investments by Coca-Cola, TotalEnergies signal Tinubu’s pro-business governance – TMSG

The Tinubu Media Support Group (TMSG) has praised the recent multi-million-dollar investments by Coca-Cola and TotalEnergies in Nigeria, describing them as clear indicators of President Bola Tinubu’s pro-business reforms.

According to a statement signed by TMSG Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, these developments affirm Nigeria’s openness to serious business and reflect the government’s commitment to fostering a conducive environment for investors.

The TMSG highlighted two key investments: Coca-Cola’s announcement of a $1 billion fresh investment into Nigeria, and TotalEnergies’ commencement of an upstream gas project that will deliver 350 million standard cubic feet of gas per day once operational. These projects, according to the group, highlight President Tinubu’s efforts to provide an enabling business environment.

“Nothing best captures the government’s mindset than what the President told Coca-Cola’s global leadership team: ‘We are business-friendly. 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,’” the statement read.

The group noted that the President’s swift action in clearing a $7 billion forex backlog has also boosted investor confidence.

They pointed to Coca-Cola’s decision to revisit its $1 billion investment plan, after initially postponing it in 2021, as a testament to the administration’s impact on Nigeria’s business landscape.

TMSG also acknowledged the Nigerian National Petroleum Company Limited’s (NNPCL) recent $550 million non-associated gas deal with TotalEnergies, part of the Ubeta Field Development Gas Project in Rivers State.

The group lauded the government’s incentives for non-associated gas projects, which helped secure the French company’s commitment to the project.

“This is the same company that was rumored to be leaving Nigeria for investments in Angola and the DRC, but the government’s strategic incentives kept them here,” TMSG remarked.

The group concluded that with President Tinubu’s pro-business approach, Nigeria is poised to attract more foreign investments, signaling a bright future for the nation’s economy.