President Bola Ahmed Tinubu has commended the Indonesian business conglomerate, the Tolaram Group, for its unwavering confidence in Nigeria’s economy after it acquired Diageo’s 58.02 percent shareholding in Guinness Nigeria Plc.

President Tinubu lauded Tolaram’s acquisition of Diageo’s shares in Guinness, stating that it demonstrates the group’s long-term vision for doing business in Nigeria. Tolaram, which has been operating in the country for the past 50 years, has already partnered with Nigeria in building the Lekki Free Trade Zone and the country’s first deep sea port.

“In choosing to expand its investment footprints in Nigeria, Tolaram has demonstrated strong faith and confidence in Nigeria’s economy,” President Tinubu said. He welcomed Tolaram to the alcoholic beverage sector of Nigeria’s business landscape and expressed his hope that the group’s business will continue to flourish.

The President assured investors and Nigerian businesses that his government will continue to make the operating environment more conducive and transparent.

The President’s commendation comes as criticisms continue to mount over what analysts have called unhealthy business environment that has prompted some foreign investors to quit Nigeria.

One of such is American multinational personal care corporation Kimberly-Clark which announced its plans to exit Nigeria after almost 15 years of operations.

The company is said to be leaving Nigeria due to unfavourable economic conditions, including high energy costs, expensive raw materials, and reduced customer demand.

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