Coca-Cola has announced a $1 billion investment in Nigeria over the next five years, signalling confidence in President Bola Tinubu’s economic policies.
The announcement was made on Thursday in Abuja during a meeting between President Tinubu and Coca-Cola’s global leadership team.
The delegation, led by the company’s president and CFO, Mr. John Murphy, and the Chairman of Nigerian Bottling Company, Ambassador Segun Apata, discussed Coca-Cola’s long-standing presence in Nigeria and its plans for further investment.
President Tinubu reiterated his administration’s dedication to creating a robust financial system, aimed at attracting more foreign direct investment.
“We are business-friendly,” he affirmed, emphasizing the government’s commitment to fostering an environment conducive to both local and foreign businesses.
“We are building a financial system where you can invest, re-invest, and repatriate all your dividends,” the President said, outlining his vision of a business-friendly economy that supports long-term investments.
The Coca-Cola team expressed optimism in Nigeria’s economic potential.
Murphy highlighted that Coca-Cola generates over N320 billion annually through nearly 300,000 customers, contributing N90 billion in revenue to the Nigerian government.
He also noted the company’s focus on sustainability and community support.
CEO of Coca-Cola Hellenic Bottling Company, Zoran Bogdanovic, announced that the company’s confidence in Nigeria’s policies has inspired the additional $1 billion pledge. “With a predictable and enabling environment, we are confident in Nigeria’s tremendous potential,” Bogdanovic said.
Tinubu lauded the partnership, emphasizing the positive impacts of private-sector investments on the nation’s growth, including job creation and corporate social responsibility initiatives.
