The Nigerian government has announced that Coca-Cola Company plans to invest additional $1 billion in the country over the next five years. This was disclosed by President Bola Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, following a meeting between the President and Coca-Cola’s global leadership at the state house in Abuja, Thursday.
During the meeting, led by Coca-Cola President and CFO John Murphy, Tinubu commended Coca-Cola for its long-standing partnership with Nigeria. He noted that the company has created over 3,000 jobs across nine production facilities, and reaffirmed his administration’s commitment to a business-friendly environment.
“We are building a financial system where businesses can invest, re-invest, and repatriate dividends with ease,” Tinubu said, emphasizing the importance of private-sector partnerships to sustain economic growth. He also pointed to Nigeria’s growing consumption capacity and pledged to continue working with Coca-Cola to expand its investments and address environmental challenges like climate change.
In response, CEO of Coca-Cola Hellenic Bottling Company, Zoran Bogdanovic, expressed their confidence in Nigeria’s growth potential and its “predictable and stable environment,” for business.
“We believe in Nigeria’s tremendous potential and are committed to working with the government to realize it,” Bogdanovic stated.
Coca-Cola Company through its Nigerian subsidiary, Nigerian Bottling Company plc generates over N320 billion in annual revenue, through its 300,000 direct customers and pays about N90 billion in corporate taxes. Since 2013 it has invested $1.5 billion in Nigeria to expand capacity, improve infrastructure, and enhance employee development.
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