President Bola Ahmed Tinubu has praised the Singaporean conglomerate, Tolaram, for its unwavering belief in Nigeria’s economy.
Tolaram, notable for its pivotal role in establishing the Lekki Free Trade Zone and Nigeria’s first deep sea port, has recently acquired Diageo’s 58.02 percent stake in Guinness Nigeria Plc.
This significant acquisition, announced at the Nigerian Exchange, also includes Tolaram entering into long-term license and royalty agreements for the continued production of Guinness products and other locally manufactured Diageo brands.
President Tinubu highlighted that Tolaram’s acquisition of Diageo’s shares in Guinness signifies a long-term commitment to the Nigerian market. Tolaram, which has been active in Nigeria for the past 50 years, has demonstrated strong faith and confidence in the nation’s economic potential by expanding its investment footprint into the beverage sector.
Welcoming this expansion, President Tinubu expressed optimism about the group’s business prospects and assured investors that his administration is dedicated to creating a more conducive and transparent operating environment. He emphasized the ongoing economic and financial reforms aimed at ensuring sustained growth and profitability for investors, underscoring that these multi-pronged reforms would enhance the business landscape, benefiting both local and international investors.
Tolaram’s long history in Nigeria underscores its significant contributions to the country’s economic development. By broadening its investment footprint, Tolaram reinforces the nation’s attractiveness as a viable business destination, demonstrating robust faith in Nigeria’s economic future. President Tinubu’s commendation of Tolaram sends a broader message of welcoming and supporting foreign investments, contributing to Nigeria’s economic growth and development in line with the government’s vision of a thriving and diversified economy.
