Abuja: The Tinubu Media Support Group (TMSG) has announced that President Bola Tinubu’s economic reforms have prompted the British conglomerate PZ Cussons to reverse its decision to exit Nigeria. The group’s statement indicates that this move is a sign of improving macroeconomic conditions and growing investor confidence in the nation.
According to News Agency of Nigeria, TMSG emphasized the significance of the company’s decision as a validation of the Tinubu administration’s reform agenda. In a statement signed by Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, the group highlighted that PZ Cussons’ change in plans exemplifies the strength of the economic reforms introduced by President Tinubu.
The group recalled PZ Cussons’ initial announcement to leave Nigeria in 2024 due to economic uncertainty, alongside other multinational companies. At the time, there was skepticism about the effectiveness of the reforms, especially after PZ Cussons reported substantial financial losses.
TMSG reported that the company later attributed its turnaround to the positive impact of Tinubu’s reforms, directly linking its change of plan to the benefits gained from the President’s economic policies. Financial reports from the company showed a significant improvement, with PZ Cussons recording a net loss of N90.3 billion in 2024 but achieving an after-tax profit of N10 billion in 2025.
The group also noted that credit rating agencies have continued to provide favorable assessments of Nigeria’s stabilizing economy, suggesting a better economic climate not only for local businesses anticipating tax reliefs from 2026 but also for foreign investors. TMSG described this development as a strong vote of confidence in Nigeria’s economy and the Tinubu administration, suggesting that Nigeria could become a model for developing economies in Africa.