PZ Cussons’ Volte-Face On Nigeria Validates President Tinubu’s Economic Reforms – TMSG

The Tinubu Media Support Group (TMSG) has stated that the success of President Bola Tinubu’s economic reforms is the reason behind PZ Cussons’ reversal of its planned exit from Nigeria.

In a statement signed by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, the group argued that increasing evidence supports the notion that the reforms are bearing fruit.

“If anything exemplifies the effectiveness of the reforms introduced by the President Bola Tinubu administration, it is the recent decision by PZ Cussons to cancel its planned exit from Nigeria,” the statement read.

“When the company initially decided to leave the country, it was at a time when many multinationals had made similar plans due to the uncertainty surrounding the Nigerian economy.

“At that point, some Nigerians concluded that the Tinubu reforms were not working, and PZ Cussons specifically announced significant losses. However, the volte-face by the UK-based company has validated our consistent belief in the efficacy of these reforms.

“To be clear, PZ Cussons attributed its change of plan to the positive impact of President Bola Tinubu’s economic reforms. The company indicated that these reforms were the primary drivers of this turnaround.

“Indeed, while the company suffered a net loss of N90.3 billion in 2024, it recorded an after-tax profit of N10 billion in the subsequent period.

“Therefore, we can confidently say that what we once described as ‘green shoots’ are now blooming and bearing fruit, with virtually all credit rating agencies offering strong commendation for a stable economy.

“Clearly, the economic climate has improved, not only for local businesses, which will benefit from significant 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 represents a substantial vote of confidence in Nigeria following the Tinubu reforms. We venture to say that the country may well become a model for emerging economies in Africa.

The group urged Nigerians to view this development as further evidence of the Tinubu administration’s positive work on the economy.