CoCa-Cola announces plan to invest $1bn in Nigeria
The investment commitment was made during a meeting with Coca-Cola’s global leadership team, including John Murphy, president and chief financial officer, and Segun Apata, chairman of Nigerian Bottling Company.
Reacting to the development in a statement on Thursday, President Bola Tinubu commended Coca-Cola for its long-standing partnership with Nigeria and for employing over 3,000 people across nine production facilities.
Tinubu said the investment highlights his administration’s commitment to creating a robust financial system and a business-friendly economy.
The president spoke in a statement signed by Bayo Onanuga, his special adviser on information and strategy.
“We are business-friendly, and as I said at my inauguration, we must create an environment of easy-in and easy-out for businesses,” the statement reads.
“We are building a financial system where you can invest, re-invest, and repatriate all your dividends. I have a firm belief in that.”
Tinubu said private sector partnerships are crucial to his government’s reforms aimed at improving the business environment.
He pledged to continue to support Coca-Cola for expanding its investments in Nigeria and addressing environmental issues, including climate change.
Murphy, speaking on Coca-Cola’s impact in Nigeria, said the company generates ₦320 billion annually through nearly 300,000 customers and contributes almost ₦90 billion in revenue to the Nigerian government.
“We are very proud of the growth of the business over a long period and its impact on the daily lives of many Nigerians,” he said.
Zoran Bogdanovic, CEO of Coca-Cola Hellenic Bottling Company, attributed the company’s $1 billion investment pledge to its confidence in the Nigerian government’s policies.
“Mr President, in your inaugural address, we were very pleased to hear of your invitation for foreign investors to invest and your assurance that foreign businesses can repatriate dividends and profits,” the CEO said.
“That assurance gives us the confidence to continue our investments. Since 2013, we have invested $1.5 billion in Nigeria in capacity expansion, transformation of our supply chain infrastructure capabilities, training and development.
“I am very pleased to announce that, with a predictable and enabling environment in place, we plan to invest an additional $1 billion over the next five years.”
Bogdanovic said Nigeria’s potential is tremendous, pledging the company’s commitment to work with the government to realise it.
In November 2021, the beverage manufacturer had plegded to inject $1 billion into Nigeria’s economy.
