Former President Olusegun Obasanjo has said the contributions of private investors to the growth of Nigeria’s economy are undeniable.

Obasanjo said this at the inauguration of the newly-built head office of the British American Tobacco Nigeria in Ikoyi, Lagos.

A statement by the company on Wednesday, quoted the ex-President as noting that the British American Tobacco was among the first foreign investments he was able to woo into Nigeria in 2001.

He also described the inauguration of BAT’s head office as a major milestone and a testimony that government’s efforts towards attracting direct foreign investment was yielding result.
 
“Almost a decade and a half after the signing of the MoU, we are again at BAT to witness another milestone. I’m particularly delighted because this head office building showcases faith in Nigeria and BAT’s continued investment in Nigeria,” Obasanjo, who was the chief guest, said.

While making reference to the legality of the tobacco industry and the benefits that Nigeria derived from the legitimate tobacco industry, Obasanjo said that the health warnings on cigarette packs were conspicuous enough.

“With the warning on cigarette packs, the government and tobacco companies have fully discharged their duties. We cannot sacrifice the huge benefits BAT brings to the economy,” he said.

The Managing Director, BAT Nigeria, Chris McAllister, pointed out that the company had benefitted from the democratic rule and relative stability in Nigeria.

“As an economic development partner, we believe that by highlighting and celebrating the values and attributes that are unique to the Nigerian nation, the private sector can assist the government to achieve its global objectives. We are an ideal model of how, if properly structured, foreign direct investment can spur economic development,” McAllister added.