President Tinubu Calls for Continued Investment from Multinational Companies

President Bola Tinubu on Thursday, December 7th, urged multinational companies operating in Nigeria not to leave the country. He assured them that his administration is committed to removing all obstacles to the smooth running of their businesses.

Tinubu made this statement during a meeting with a visiting delegation of the management of Shell Group led by its Global Integrated Gas and Upstream Director, Ms. Zoe Yujnovich.

He emphasized that his administration is determined to create an investment-friendly environment in Nigeria. "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," he said.

Tinubu also acknowledged the long-standing relationship between Nigeria and Shell, dating back to the discovery of the country's first commercial oil field in 1956. He assured the Shell delegation of his administration's commitment 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," he said. "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."

Tinubu also highlighted Nigeria's potential for increased investment from Shell Petroleum Development Company of Nigeria. "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.

Tinubu's remarks come at a time when several multinational companies, including Procter & Gamble (P&G) and GlaxoSmithKline (GSK), have announced their exit from Nigeria. This raises concerns about the country's investment climate and the potential impact on the economy.

It remains to be seen whether Tinubu's administration will be able to implement the necessary reforms to attract and retain multinational companies in Nigeria. His assurance to Shell and other companies is a positive step, but it will need to be followed up with concrete action.

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