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The Tinubu Media Support Group (TMSG) has said that the success of President Bola Tinubu’s economic reforms is the reason why the British conglomerate, PZ Cussons, reversed its decision to leave Nigeria.
In a statement signed by its Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, the group argued that more evidence continues to prove that the reforms are bearing fruit.
”It said: If anything exemplifies the potency of the reforms introduced by the President Bola Tinubu administration, it is the recent decision of PZ Cussons to cancel its planned exit from Nigeria.
”When the company made the decision to leave the country in 2024, it was at a time that many multinationals had concluded similar plans on the back of the uncertainty of the Nigerian economy.
”It was a time some Nigerians concluded that the Tinubu reforms were not working, while PZ Cussons specifically announced massive loss, but the volte face by the UK-based company has validated what we had always known about the efficacy of the reforms.
”For the avoidance of doubt, PZ Cussons attributed its change of plan to the positive impact of President Bola Tinubu’s economic reforms.
These reforms were the primary drivers of this turnaround, according to the company.
“Indeed, the company suffered a net loss of N90.3 billion in 2024 but recorded an after-tax profit of N10 billion this year.
”So we make bold to say that what we once described as green shoots are now blooming and bearing fruit, with virtually all credit rating agencies giving flowery commendation of a stable economy.
”Clearly, the economic climate is better than it was, not only for local businesses, which are now going to have massive tax reliefs from 2026, but also for foreign entities like PZ Cussons, which are now seeing light at the end of the tunnel.
”For us, this is a massive vote of confidence for Nigeria in the aftermath of the Tinubu reforms and we dare say the country may end up as a model for emergent economies in Africa.”
The group urged Nigerians to see the development as yet another evidence of the good work of the Tinubu administration on the economy.
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