The Coca-Cola Bottling Company has expressed its plans to invest $1 billion in its Nigeria operations over the next five years.
The announcement was made on Thursday at a meeting between Nigeria’s President Bola Tinubu and the global leadership team of Coca-Cola Company, led by its President and Chief Financial Officer, Mr. John Murphy; and the Chairman of Nigerian Bottling Company, Ambassador Segun Apata.
Over the last 10 years, Coca-Cola Bottling Company, known locally as Nigerian Bottling Company, has invested $1.5 billion in Nigeria. With Thursday announcement, the Coca-Cola System plans to more than double its rate of investment over the next 5 years.
The new $1 billion investment is expected to support various value chain areas, including suppliers, distributors, retailers, and recyclers.
According to a statement by the Nigerian presidency, President Tinubu commended Coca-Cola for its long-standing partnership with Nigeria and for promoting investment opportunities that have employed over 3,000 people across nine production facilities.
The president said, “We are business-friendly, and as I said at my inauguration, we must create an environment of easy-in and easy-out for businesses. We are building a financial system where you can invest, re-invest, and repatriate all your dividends. I have a firm belief in that.”
The statement added that President Tinubu told the delegation that private sector partnerships, which sustain investments, are central to his government’s far-reaching reforms to improve the business environment.
He pledged that the government would continue partnering 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 further stated.
He also commended the company for scaling up its skill development and community initiatives as part of its corporate social responsibility.
In his remarks, Murphy noted that Coca-Cola’s business in the country generates N320 billion annually through about 300,000 customers and contributes almost N90 billion in revenue to the Nigerian government.
“We are very proud of the growth of the business over a long period and its impact on the daily lives of many Nigerians. ’Beyond the financial impacts, we are also very committed to supporting the communities, and over the last number of years, we’ve had a special focus on several areas in the world of sustainability, water packaging and others, ‘’ he said.
Murphy added that, “the investment highlights our system’s efforts to drive scalable initiatives while also preserving the value of local relevance. Coca-Cola has been an integral part of the African continent for over 96 years and today’s investment in Nigeria reiterates our optimism about the continent.”
Similarly, the Chief Executive Officer of Coca-Cola Hellenic Bottling Company; Zoran Bogdanovic, who was part of the delegation, added, “The Coca-Cola System has been part of Nigerian communities for over 70 years and believes in the strength and continued potential of the market. We are excited to announce this investment, which demonstrates our dedication to fostering economic growth and creating job opportunities in the country.
“Our investment goes beyond business growth; it’s about contributing to the well-being of the communities we call home. We foresee significant social and economic advancements, which is why we continue to invest in our business operations and community programs in Nigeria.”
