President Bola Tinubu has praised the Indonesian business conglomerate, Tolaram Group, for its confidence in Nigeria’s economy.
Tolaram, which played a key role in developing the Lekki Free Trade Zone and the country’s first deep sea port, recently acquired Diageo’s 58.02 percent shareholding in Guinness Nigeria Plc.
In an announcement at the Nigerian Exchange on Tuesday, it was revealed that Tolaram will also enter into long-term license and royalty agreements for the continued production of Guinness products and locally manufactured Diageo ready-to-drink and mainstream brands.
Tinubu highlighted that Tolaram’s acquisition of Diageo’s shares in Guinness signifies the company’s long-term commitment to doing business in Nigeria.
This sentiment was echoed by Mr. Bayo Onanuga, Special Adviser to the President on Information and Strategy, in a statement released on Tuesday in Abuja.
Tolaram has been conducting business in Nigeria for the past 50 years. “By choosing to expand its investment footprint in Nigeria, Tolaram has demonstrated strong faith and confidence in Nigeria’s economy,” the statement read.
President Tinubu welcomed Tolaram to the beverage sector of Nigeria’s business landscape, expressing hopes for the continued flourishing of the group’s business.
He assured investors and Nigerian businesses that his government will strive to make the operating environment more conducive and transparent.
Tinubu emphasized that the ongoing reforms and interventions in the economic and financial sectors will promote sustained growth and enduring profitability for investors.
