By ABUJA, Nigeria – Coca-Cola plans to invest $1 billion in its Nigeria operations over the next five years, the country’s presidency said after a meeting between President Bola Tinubu and senior executives from the beverage giant on Thursday.
President Tinubu met with John Murphy, President and Chief Financial Officer of Coca-Cola, Zoran Bogdanovic, CEO of Coca-Cola HBC—a key bottler for Coca-Cola globally—and several other company officials as part of his efforts to attract foreign investment to boost Nigeria’s economy. Bogdanovic told Tinubu that Coca-Cola had since 2013 invested $1.5 billion in Nigeria to expand its production capacity, enhance the supply chain, and support training and development, according to a statement from the Nigerian presidency.
“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 was quoted as saying.
The investment announcement comes after Tinubu’s government saw several multinationals like Procter & Gamble, GSK Plc and Bayer AG leave the country or appoint third parties to distribute their products due to foreign exchange shortages.
Tinubu, who took office in May last year, said his government is committed to fostering a business-friendly environment.
“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.
Nigeria, with a population of over 200 million, is seen as a promising market for many global brands, but challenges such as foreign exchange shortages, bureaucratic hurdles, and policy inconsistencies have deterred some investors.
President Tinubu and the global leadership team of Coca-Cola Company, led by Mr. John Murphy, its president and chief financial officer, and the Chairman of Nigerian Bottling Company, Ambassador Segun Apata.
