President Bola Tinubu has affirmed his administration’s commitment to creating a conducive business environment for multinational companies operating in Nigeria.
During a meeting with a delegation from Shell Group, led by its Global Integrated Gas and Upstream Director, Ms. Zoe Yujnovich, President Tinubu emphasized that his government is determined to eliminate all obstacles hindering the smooth operation of businesses in the country.
Addressing the Shell delegation at the State House in Abuja, President Tinubu declared, “We are very focused on resolving all investment-related issues. There is no bottleneck that is too difficult for us to remove in our determined march toward making Nigeria the African haven for large-scale investment in all key sectors. We need each other.”
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In a statement by the President’s Special Adviser on Media and Publicity, Ajuri Ngelale, President Tinubu expressed confidence in the potential for increased investment from Shell Petroleum Development Company of Nigeria. He highlighted Nigeria’s longstanding relationship with Shell, dating back to the discovery of the country’s first commercial oil field in 1956, and assured the delegation of his administration’s dedication to securing and fostering both existing and new investments.
“We have made progress since our last meeting. I will continue to support and encourage you on this path.
“There is no doubt that there is a significant focus on investment in and around the continent. I am spearheading Nigeria’s global march for new investments at home.
“In view of our long-term relationship that has been established over the years, we want you to do more, and we are ready to encourage you in every way possible,” he said.
The President’s assurance follows the recent departure of several multinational companies from Nigeria, prompting concerns about the business environment. Notable among them is Procter & Gamble (P&G). Political figures, including the presidential candidate of the Labour Party in the last general elections, Peter Obi, have expressed worry about the trend.
President Tinubu acknowledged the challenges posed by the forex crisis, which has contributed to the exit of some multinationals. He affirmed that the government is actively working to boost foreign exchange inflow, addressing the concerns raised by stakeholders.
However, stakeholders have expressed concerns that the government seemed to have backtracked on its initial promise to infuse an amount ranging from $7 billion to $10 billion into the FX market. This commitment was aimed at resolving existing backlogs that had significantly eroded investors’ confidence in the economy.
At the 2023 Bank Directors’ Summit in Abuja, the President, represented by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, reassured that commitments to resolving forex backlogs through the injection of funds into the market would be fulfilled.
He stated, “It just takes time,” while emphasizing that the government is making concerted efforts to attract funds that will enhance liquidity in the forex segment.
President Tinubu assured that short-, medium and long-term funds would be mobilized across the spectrum to address the challenges and restore investors’ confidence in the Nigerian economy.