President Muhammadu Buhari has assured foreign investors interested in doing business in Nigeria that his administration will continue to provide secure environment to ensure the success of their businesses.
He said this on Tuesday at the inauguration of the International Breweries Plc, the largest plant in West Africa, located in Ogun State, said to cost $250m.
The President, who was represented at the event by the Secretary to the Federal Government, Boss Mustapha, said, “We will continue to provide physical infrastructure for existing investment to thrive and make every part of the country attractive to real investors. This administration’s change mantra remains the pledge we made to all Nigerians in the areas of securing the nation, fighting corruption and diversifying the economy.
“Today, the International Breweries is the largest of six listed companies on the Nigerian Stock Exchange with a market capitalisation of two hundred and ninety-five billion on this plant alone. This is a perfect example for other states in Nigeria. The International Breweries was birthed from a little dream in 1971.”
The President noted that the establishment of the plant showed the investors belief in the Nigerian economy.
He commended the management of IBL Plc, saying that the investment would reverberate through the economy, thereby giving a boost to the nation’s agricultural sector with existing partnership with local farmers to produce 30 tonnes of sorghum.
Also speaking, the Governor of Ogun State, Senator Ibikunle Amosun, assured the company of the state’s continued support and called on investors to leverage the strategic location of the state to drive industrialisation.
“The establishment of this factory is not a misplaced priority. Our industrial master plan has witnessed transformational changes that will also go a long way to significantly benefit this factory. We are not relenting on our efforts to make Ogun State a haven for both local and foreign investments,” he said.
The Managing Director, IBL Plc, Mrs Annabelle Degroot, said the brewery would allow the country to offer its customers and distributors more choices and sufficient supply.
She said, “This plant is the biggest and most modern brewery in Nigeria. The brewery will be our fourth brewery in Nigeria and will partner with our existing three breweries in Onitsha, Ilesa and Port Harcourt. All four breweries will continue to be equally important to the future growth of our company.”