Coca-Cola recently made a significant investment commitment to Nigeria, pledging $1 billion over the next five years.
This 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.
President Bola Tinubu welcomed this investment, praising Coca-Cola for its long-standing partnership with Nigeria and its employment of over 3,000 people across nine production facilities.
He emphasized his administration’s commitment to creating a robust financial system and business-friendly economy, highlighting the importance of private sector partnerships in improving the business environment.
“We are business-friendly, and as I said at my inauguration, we must create an environment of easy-in and easy-out for businesses,” Tinubu stated. “We are building a financial system where you can invest, re-invest, and repatriate all your dividends.”
John Murphy expressed pride in Coca-Cola’s impact in Nigeria, generating ₦320 billion annually through nearly 300,000 customers and contributing almost ₦90 billion in revenue to the Nigerian government.
Zoran Bogdanovic, CEO of Coca-Cola Hellenic Bottling Company, attributed the investment pledge to confidence in the Nigerian government’s policies, particularly President Tinubu’s assurance that foreign businesses can repatriate dividends and profits.
Bogdanovic highlighted Coca-Cola’s previous investments in Nigeria, totaling $1.5 billion since 2013, and expressed enthusiasm for continued growth.
“With a predictable and enabling environment in place, we plan to invest an additional $1 billion over the next five years,” he announced.
