By Muhyideen Jimoh
The Tinubu Media Support Group (TMSG) says President Bola Tinubu’s economic reforms prompted British conglomerate PZ Cussons to reverse its planned exit from Nigeria.
The group said the company’s decision highlighted improving macroeconomic conditions and growing investor confidence in the country.
In a statement signed by Chairman Emeka Nwankpa and Secretary Dapo Okubanjo on Wednesday in Abuja, TMSG said the move validated the administration’s reform agenda.
“If anything exemplifies the strength of the reforms introduced by President Bola Tinubu’s administration, it is PZ Cussons’ decision to cancel its planned exit,” the group said.
It recalled that PZ Cussons had announced plans to leave Nigeria in 2024 amid economic uncertainty, alongside other multinationals.
“At the time, many concluded the reforms were not working, especially after the company reported massive losses,” the statement added.
TMSG said the company later credited its turnaround to the positive impact of Tinubu’s reforms.
“For the avoidance of doubt, PZ Cussons linked its change of plan directly to the gains from the President’s economic reforms,” it stated.
The group cited financial improvements, noting that the firm recorded a net loss of N90.3 billion in 2024 but posted an after-tax profit of N10 billion in 2025.
“What we once described as green shoots are now blooming and bearing fruit,” TMSG said.
The group added that credit rating agencies continued to issue favourable assessments of Nigeria’s stabilising economy.
“The economic climate is better than it was, not only for local businesses preparing for tax reliefs from 2026, but also for foreign investors,” it said.
TMSG described the development as a strong vote of confidence in Nigeria’s economy and the Tinubu administration.
“Nigeria may yet emerge as a model for developing economies in Africa,” it added.
The group urged Nigerians to view PZ Cussons’ decision as further evidence that the administration’s reforms were delivering tangible results(NAN)(www.nannews.ng)
Edited by Abiemwense Moru
