Business

Tinubu Praises Tolaram Group for Investment in Guinness Nigeria

President Bola Tinubu has lauded the Tolaram Group for its significant investment in Nigeria, highlighting the company’s longstanding confidence in the country’s economy. Tolaram, an Indonesian business conglomerate, has acquired Diageo’s 58.02% stake in Guinness Nigeria Plc.

The announcement, made at the Nigerian Exchange on Tuesday, details that Tolaram will also engage in long-term license and royalty agreements to continue producing Guinness products and Diageo’s ready-to-drink and mainstream brands locally.

Tinubu emphasized that Tolaram’s acquisition of Diageo’s shares reflects a long-term commitment to doing business in Nigeria. The conglomerate, which has been active in the country for over 50 years, previously partnered with Nigeria to develop the Lekki Free Trade Zone and the nation’s first deep-sea port.

Welcoming Tolaram to Nigeria’s alcoholic beverage sector, President Tinubu expressed optimism about the group’s future success. He assured investors of his administration’s dedication to enhancing the business environment, making it more conducive and transparent.

Tinubu highlighted ongoing economic and financial reforms aimed at ensuring sustained growth and profitability for investors. He reiterated his commitment to creating a stable and attractive investment climate in Nigeria.

The acquisition marks a significant expansion of Tolaram’s investment footprint in Nigeria, further solidifying the company’s role in the nation’s economic landscape. The move is seen as a vote of confidence in Nigeria’s potential for growth and development, particularly in the beverage industry.

Related Articles