Coca-Cola eyes $1bn investment in Nigeria --[Reported by Umva mag]

Coca-Cola Hellenic Bottling Company has announced plans to invest $1 billion in Nigeria over the next five years as part of its expansion drive in the country.

The statement by the Special Adviser to Nigerian President on Information and Strategy, Mr. Bayo Onanuga, on Thursday stated that the announcement was made at a meeting between President Bola Tinubu and the global leadership team of Coca-Cola Company, led by John Murphy, its President and chief financial officer, and the Chairman of Nigerian Bottling Company, Ambassador Segun Apata.

It added that the Chief Executive Officer of Coca-Cola Hellenic Bottling Company, Zoran Bogdanovic, expressed the company’s confidence in the Nigerian government policies as a key factor behind its $1 billion investment pledge.

“Since 2013, we have invested $1.5bn in Nigeria for capacity expansion, transformation of our supply chain infrastructure, and training and development. With a predictable and enabling environment, we are pleased to announce that we plan to invest an additional $1bn over the next five years. We believe in Nigeria’s tremendous potential and are committed to working with the government to realize this potential.

“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.”

Bogdanovic underscored the company’s commitment, stating, “That assurance gives us the confidence to continue our investments. Since 2013, we have invested $1.5bn 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 $1bn over the next five years. We believe Nigeria’s potential is tremendous, and we are committed to working with the government to realise this potential.”

Responding, President Tinubu stated that private sector partnerships are crucial to the Nigerian government’s extensive reforms aimed at improving the business environment.

“Private sector partnerships, which sustain investments, are central to my government’s far-reaching reforms to enhance the business climate,” he said, adding that the government would continue collaborating with Coca-Cola to expand investments in Nigeria and address environmental issues, including climate change.

“The size of this country is enormous in Africa, and the consumption capacity of Nigeria is expanding daily,” President Tinubu said,

He commended Coca-Cola for its commitment to scaling up skill development and community initiatives as part of its corporate social responsibility efforts and its enduring partnership with Nigeria and creating over 3,000 jobs across its nine production facilities.

GIK/APA

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