Business
Tinubu restates commitment to attracting FDIs as Coca-Cola pledges $1bn Investment in Nigeria
President Bola Tinubu has reiterated his administration’s commitment to creating a robust financial system and a business-friendly economy that would attract more foreign direct investments.
The President made the commitment on Thursday in Abuja, as the Coca-Cola Company announced plans to accelerate its investments in Nigeria to 1 billion dollars over the next five years.
The announcement was made at a meeting between the President and a Coca-Cola team, led by the Chief Executive Officer of Coca-Cola Hellenic Bottling Company, Mr Zoran Bogdanovic and President, Coca-Cola Company, Mr John Murphy.
President Tinubu commended Coca-Cola for its long-standing partnership with Nigeria and for promoting investment opportunities that had employed over 3000 people across nine production facilities.
“We are business-friendly, and as I said at my inauguration, we must create an environment of easy-in and easy-out for businesses.
“We are building a financial system where you can invest, re-invest and repatriate all your dividends. I have a firm belief in that,” he said.
President Tinubu told the delegation that private sector partnerships, which sustained investments, were central to his government’s far-reaching reforms to improve the business environment.
He pledged that the government would continue partnering with Coca-Cola to expand investments in Nigeria and address environmental issues, including climate change.
“The size of this country is enormous in Africa, and the consumption capacity of Nigeria is expanding daily,” Tinubu added.
He commended the company for scaling up its skill development and community initiatives as part of its corporate social responsibility.
Presenting an overview of Coca-Cola’s business in Nigeria, Murphy noted that the company generated N320 billion annually through nearly 300,000 customers.
He said that the company also contributed almost N90 billion in revenue to the Nigerian government.
“We are very proud of the growth of the business over a long period and its impact on the daily lives of many Nigerians.
“Beyond the financial impacts, we are also very committed to supporting the communities, and over the last number of years, we’ve had a special focus on several areas in the world of sustainability, water packaging and others,” he said.
Mr Zoran Bogdanovic, CEO of Coca-Cola Hellenic Bottling Company, explained that the company’s confidence in Nigerian government policies had encouraged it to make the 1 billion dollars investment pledge.
“Mr President, in your inaugural address, we were very pleased to hear of your invitation for foreign investors to invest and your assurance that foreign businesses can repatriate dividends and profits.
“That assurance gives us the confidence to continue our investments. Since 2013, we have invested 1.5 billion in Nigeria in capacity expansion, transformation of our supply chain infrastructure capabilities, training and development.
“I am very pleased to announce that, with a predictable and enabling environment in place, we plan to invest an additional 1 billion dollars over the next five years.
“We believe Nigeria’s potential is tremendous, and we are committed to working with the government to realise this potential,” he said. (NAN)
The federal government says it is targeting an additional 4,000 megawatts (MW) of electricity to the national grid by the end of 2026 under a revised implementation plan for the presidential power initiative (PPI).
Bolaji Tunji, special adviser on strategic communications and media relations to Adebayo Adelabu, minister of power, announced the target in a statement on Sunday.
Nigeria’s current grid capacity is 4,919mw.
According to the statement, the administration of President Bola Tinubu has revitalised the PPI following the execution of an acceleration agreement with Siemens Energy to fast-track its implementation and improve power supply.
The new structure, Tunji said, allows Siemens to focus solely on modernising the transmission subsector using a turnkey model, while other credible engineering, procurement and construction (EPC) firms with proven capacity will be responsible for the distribution component.
“While acknowledging efforts of past administrations on the PPI, the Minister said some of the key milestones under the present administration apart from the execution of an Acceleration Agreement with Siemens Energy to fast-track the implementation of the PPI, include the approval of a new technical direction for the PPI, ensuring Siemens Energy focuses solely on upgrading and modernizing the transmission subsector through a Turnkey approach,” the statement reads.
“The president also approved that the distribution scope be delivered by other reputable Engineering Procurement and Construction (EPC) Companies with the requisite technical, financial, and financing capacity.
“The strategic decisions aim to increase grid capacity by an additional 4,000MW by the end of 2026, with an aspirational target of an additional 2,000MW, as directed by the economic management team in 2024.”
Tunji said that while the PPI was conceived in 2018 under a bilateral agreement between Nigeria and Germany, the project has witnessed significant progress since the Tinubu administration took office on May 29, 2023.
“There is no way the minister’s statement that no significant progress on the project was made until the present administration was inaugurated, can be faulted when the major milestones between 2023 till date are considered,” he said.
“This administration, under the leadership of President Tinubu, has demonstrated an unwavering commitment to the PPI, recognising its critical importance to opening up the economy and galvanising national development.
“To ensure the expeditious delivery of improved power supply to industrial clusters, households, and businesses, President Tinubu mandated the signing of an Acceleration Agreement.
“This commitment has translated into tangible results. Under the present administration , leadership, strengthened programme governance has expedited contract and financing approvals, leading to faster project implementation.”
He noted that the PPI pilot phase under the current administration delivered 10 power transformers and 10 mobile substations, manufactured and delivered in October 2023.
The spokesperson said the several transmission projects executed by FGN Power Company have also added over 700MW in wheeling capacity for industries, universities, and homes.
Tunji said electricity generation in Nigeria peaked at 6,003MW on March 4, 2025, the highest ever, with a new record of 128,370.75MWh in daily energy delivery, and generation evacuation reached 5,801.44MW on the same day.
On grid infrastructure, he said over 70 transformers were added between 2024 and 2025 through TCN’s internally generated revenue (IGR) and support from the World Bank and African Development Bank, adding over 12,000 megavolt-amperes (MVA) to grid capacity.
“However, the minister is the first to acknowledge challenges in the sector. Such challenges include the N4 trillion in outstanding subsidies and unsustainable tariff regimes, rampant vandalism, electricity theft, and chronic bill non-payment, poor investment by some operators, especially in the distribution infrastructure and resistance to the sector commercialisation by the electricity consumers, which is impacting on the sector’s liquidity,” he added.
Tunji said that despite the challenges, the ministry has achieved significant progress in reforming the sector, expanding access, and upgrading infrastructure.
The spokesperson added that a solid foundation has been established for long-term transformation, driven by a commitment to inclusive, sustainable, and results-focused development of the power sector.
Money supply hits 3-month low on liquidity squeeze
Private sector credit rises
Nigeria’s broad money supply (M3) jumped 24 percent to an all-time high of N114.2 trillion in March 2025, defying the Central Bank of Nigeria (CBN)’s ongoing monetary tightening efforts aimed at reining in inflation.
The M3, which serves as the most comprehensive measure of money in circulation within an economy, includes not only the cash used in everyday transactions but also large-scale deposits and financial assets that influence lending, investment, and inflation.
Despite the CBN’s firm stance on monetary tightening, the latest data from the apex bank indicates a year-on-year increase of 23.9 percent, with the money supply rising sharply from N92.18 trillion in March 2024.
On a month-on-month basis, the figure climbed by 3.2 percent from N110.70 trillion recorded in February 2025.
In a bid to counteract inflationary pressures and stabilise exchange rate fluctuations, the CBN withdrew N1.7 trillion from the financial system through Open Market Operations (OMO) auctions in March 2025.
Analysts at Afrinvest Securities Limited noted that the move was part of broader efforts to reduce liquidity and cool rising consumer prices.
Despite these measures, bank credit to the government expanded significantly, increasing by 28.9 percent year-on-year to reach N25.85 trillion in March 2025, compared to N20.05 trillion in the same month last year. However, on a monthly basis, government borrowing from banks dropped by 4.6 percent from N27.11 trillion in February.
Meanwhile, credit to the private sector rose modestly by 6.8 percent year-on-year to N76.26 trillion in March 2025, up from N71.43 trillion in March 2024. Month-on-month, the increase was marginal, rising by just 0.01 percent from N76.25 trillion in February 2025.
Currency in circulation also rose substantially over the past year. The amount of currency circulating in the economy jumped by 29.5 percent year-on-year to N5.00 trillion in March 2025, up from N3.86 trillion a year earlier. However, there was a slight decline on a monthly basis, with the figure dipping from N5.03 trillion in February 2025.
Similarly, the volume of currency held outside the banking system climbed by 26.8 percent year-on-year to N4.59 trillion in March 2025, compared to N3.62 trillion in March 2024. Month-on-month, currency outside banks increased by 1.8 percent from N4.51 trillion in February.
Over the last five years, the CBN has aggressively raised its Monetary Policy Rate (MPR), the benchmark interest rate, from 11.50 percent in 2021 to 27.50 percent as of March 2025. Most of the increase occurred in the past year, during which the rate was hiked by an unprecedented 875 basis points as the apex bank intensified its fight against inflation.
The tight monetary stance has yielded some results. Inflation, which stood at 24.48 percent in January 2025, eased to 23.18 percent in February. However, the relief was short-lived, as inflation rose again to 24.23 percent in March, signaling persistent inflationary pressures despite the Central Bank’s continued efforts.
By Abubakar Yunusa
The Securities and Exchange Commission (SEC) has issued a warning to influencers and bloggers, cautioning them against promoting unregistered investment schemes.
The Commission emphasized that it is working closely with law enforcement agencies, including the Economic and Financial Crimes Commission (EFCC), the Nigerian Police Force, and other relevant government bodies, to investigate and prosecute violators.
Director General of the SEC, Dr. Emomotimi Agama, stated that the Investments and Securities Act (ISA) 2025 specifically targets promoters of unregistered schemes, urging celebrities, social media influencers, and bloggers to steer clear of endorsing such ventures to avoid legal consequences.
“The law also targets influencers and bloggers who promote fraudulent schemes, with clear penalties including imprisonment. We are therefore using this medium to warn such persons to desist from promoting unregistered entities”.
Agama said the SEC is intensifying efforts to combat Ponzi schemes following the enactment of the Investments and Securities Act (ISA) 2025, a landmark law signed by President Bola Ahmed Tinubu.
The new legislation explicitly defines Ponzi schemes and introduces stringent sanctions, including a minimum fine of ₦20 million and a 10-year jail term for promoters of such fraudulent schemes.
Dr. Agama emphasized the Commission’s capacity and readiness to tackle Ponzi schemes, stating, “SEC is capable, has the capacity, has the knowhow and of course will be able to deal with anyone caught in this mess”.
He highlighted that the SEC has dealt with similar schemes before and will continue to do so, leveraging the new powers granted by ISA 2025 to protect investors and develop the market.
“The recent collapse of CBEX, a digital investment platform accused of defrauding Nigerians of over ₦1.3 trillion, has underscored the urgency of this crackdown. CBEX promised unrealistic returns, doubling investments within a month, and deceived many with false claims of global affiliations”
Dr. Agama noted, “We will shut down their operations and the promoters will be made to face the full weight of the law”.
He said the ISA 2025 also brings digital assets under the SEC’s regulatory umbrella for the first time, recognizing virtual assets as securities.
This inclusion, Agama said, means that Virtual Asset Service Providers and Digital Asset Exchanges must register with the SEC and comply with regulations, closing previous legal gaps exploited by fraudulent operators.
According to him, “Education is a key pillar in the SEC’s strategy. The Commission has launched podcasts, social media campaigns, and is integrating capital market education into schools and universities.
“We have launched a podcast where we educate and enlighten Nigerians on the dangers of investing in unregistered schemes”.
The SEC also urged Nigerians to verify any investment opportunity with the Commission before committing funds, warning that once it is too good to be true it certainly is not true”.
The SEC DG emphasised that the Commission remains committed to protecting investors in line with its twin objectives of investor protection and market development and urged Nigerians to be cautious, consult professionals before investing, and to avoid schemes promising unrealistic returns.
“The SEC has also established departments for monitoring market activities and conducting inspections to detect irregularities early. We have a monitoring department, we also do onsite inspections, once we hear anything we do something. These proactive measures aim to prevent the recurrence of massive frauds like CBEX.
“The Commission is focused on democratizing wealth through a safe and transparent capital market. We are committed to providing a safe investment environment, the capital market helps you to democratize wealth for everybody. The ISA 2025 thus represents a significant step forward in protecting Nigerian investors and fostering a resilient financial market”, he added.