Business News
President Yar’Adua assures of reduction in cost of production
Sep 5, 2007, 12:13
| | President Umaru Musa Yar’Adua on August 4 in Abuja stated that his Administration was committed to “tremendously” reducing the cost of doing business in Nigeria through rapid improvements in essential infrastructure and national security.
The President who stated this at an audience with a delegation from the Coca-Cola Company of the United States led by its President and Chief Operating Officer, Mr. Muhtar Kent, assured existing and potential investors that the Federal Government will take necessary action to expeditiously improve the environment in which businesses operate in Nigeria.
“We will provide the enabling environment for your business to grow and prosper. We will provide critical infrastructure in the shortest possible time. We will also make it possible for you to repatriate more of your profits,” he said.
President Yar’Adua however urged big companies doing business in Nigeria to exhibit greater social responsibility by providing more employment and social services in their host communities. “Big businesses must show a greater awareness of their social responsibility by providing some social services out of the profits they make,” he noted.
He commended the Coca-Cola Company’s efforts in this regard, saying that other companies should emulate its contributions to Nigeria’s development in the last 50 years.
Mr. Kent had earlier told the President that the delegation was in Abuja for the commissioning of a $40 million Coca-Cola bottling company in the Federal Capital. He said that the factory was the 17th Coca-Cola bottling facility in Nigeria and that the Coca-Cola Group now had an investment target of $100 million per annum in Nigeria, which he said, was currently its second largest market in Africa.
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