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Tinubu commends Tolaram Group for reposing confidence in Nigerian economy

*President Bola Ahmed Tinubu commends the Tolaram Group, an Indonesian business conglomerate that has acquired Diageo’s 58.02 percent shareholding in Guinness Nigeria Plc, for demonstrating strong faith and confidence in the Nigerian economy

Isola Moses | ConsumerConnect

President Bola Ahmed Tinubu has commended the Tolaram Group, an Indonesian business conglomerate, for believing in Nigeria and having absolute faith in its economy.

ConsumerConnect reports Tolaram, a conglomerate which partnered with Nigeria to build the Lekki Free Trade Zone, in Lagos State, and the country’s first deep seaport, has acquired Diageo’s 58.02 percent shareholding in Guinness Nigeria Plc.

According to an announcement on the Nigerian Exchange (NGX) Tuesday, June 11, 2024, the company would also enter into long-term licence and royalty agreements for the continued production of the Guinness products and its locally manufactured Diageo ready-to-drink and mainstream brands in the West African country.

In his remarks on the development, Mr. Bayo Onanuga, Special Adviser to the President on Information and Strategy, in a statement Tuesday, noted said President Tinubu said Tolaram, by acquiring Diageo’s shares in Guinness, had shown that it has a long-term view of doing business in Nigeria.

Tolaram has been doing business in Nigeria in the last 50 years.

The Federal Government also noted that in choosing to expand its investment footprints in Nigeria, Tolaram has demonstrated strong faith and confidence in the country’s economy.

“President Tinubu welcomes Tolaram to the beverage sector of Nigeria’s business landscape and hopes the group’s business will continue to flourish.

“President Tinubu gives assurances to investors and Nigeria’s businesses, promising that his government will continue to make the operating environment more conducive and transparent,” stated Onanuga.

The Nigerian leader further assured that his administration’s multi-pronged reforms and interventions being implemented on the economic and financial fronts would deliver sustained growth and enduring profitability for investors.

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