Coca-Cola to invest $1bln in Nigeria, Tinubu promises investors zero red tape, friendly financial system

Coca-Cola has pledged to invest $1 billion in Nigeria over the next five years, just as President Bola Tinubu reassured investors of his administration’s commitment to creating a robust financial system and business-friendly economy capable of attracting local and foreign investment.

Speaking during a meeting with Coca-Cola’s global leadership team, led by President and Chief Financial Officer, John Murphy, and Nigerian Bottling Company Chairman, Ambassador Segun Apata, Tinubu praised Coca-Cola’s long-standing partnership with Nigeria.

“We are business-friendly, and we must create an environment of easy entry and exit for businesses,” Tinubu stated.

“We are building a financial system where you can invest, re-invest, and repatriate all your dividends.”

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

He commended the company for scaling up its skill development and community initiatives as part of its corporate social responsibility.

Peeseondnews reports that Coca-Cola pledged to invest $1 billion in Nigeria over the next five years, citing confidence in the government’s policies.

The company generates N320 billion annually from nearly 300,000 customers and contributes almost N90 billion in revenue to the government.

Coca-Cola’s current investment in Nigeria stands at $1.5 billion since 2013.

Presenting an overview of Coca-Cola’s business in Nigeria, Murphy noted the growth of the business over a long period and its impact on the daily lives of many Nigerians.

He said:”Beyond the financial impacts, we are also very committed to supporting communities, and over the last number of years, we have had a special focus on several areas in the world of sustainability, water packaging and others.”

The CEO of Coca-Cola Hellenic Bottling Company, Mr. Zoran Bogdanovic, explained that the company’s confidence in Nigerian government policies had encouraged it to make the $1 billion investment pledge.

“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.

“That assurance gives us the confidence to continue our investments. Since 2013, we have invested $1.5 billion in Nigeria in capacity expansion, the 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 $1 billion 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,” he said.