Coca-Cola Hellenic Bottling Company says it will invest $1
billion in Nigeria over the next five years.
The investment 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.
Reacting to the development in a statement on Thursday,
President Bola Tinubu commended Coca-Cola for its long-standing partnership
with Nigeria and for employing over 3,000 people across nine production
facilities.
Tinubu said the investment highlights his administration’s
commitment to creating a robust financial system and a business-friendly
economy.
The president spoke in a statement signed by Bayo Onanuga,
his special adviser on information and strategy.
“We are business-friendly, and as I said at my inauguration,
we must create an environment of easy-in and easy-out for businesses,” the
statement reads.
“We are building a financial system where you can invest,
re-invest, and repatriate all your dividends. I have a firm belief in that.”
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Tinubu said private sector partnerships are crucial to his
government’s reforms aimed at improving the business environment.
He pledged to continue to support Coca-Cola for expanding
its investments in Nigeria and addressing environmental issues, including
climate change.
Murphy, speaking on Coca-Cola’s impact in Nigeria, said the
company generates ₦320 billion annually through nearly 300,000 customers and
contributes almost ₦90 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,” he said.
Zoran Bogdanovic, CEO of Coca-Cola Hellenic Bottling
Company, attributed the company’s $1 billion investment pledge to its
confidence in the Nigerian government’s policies.
“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,” the
CEO said.
“That assurance gives us the confidence to continue our
investments. Since 2013, we have invested $1.5 billion 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 $1 billion over
the next five years.”
Bogdanovic said Nigeria’s potential is tremendous, pledging
the company’s commitment to work with the government to realise it.
In November 2021, the beverage manufacturer had plegded to
inject $1 billion into Nigeria’s economy.
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