Coca-Cola Hellenic Bottling Company has announced plans to invest $1 billion in Nigeria over the next five years. This commitment was made during a meeting with Coca-Cola’s global leadership team, including President and CFO, John Murphy, and Chairman of the Nigerian Bottling Company, Segun Apata.
In response to the announcement, President Bola Tinubu praised Coca-Cola for its long-standing partnership with Nigeria, noting that the company employs over 3,000 people across its nine production facilities. He highlighted that the investment aligns with his administration’s focus on fostering a strong financial system and a business-friendly environment.
“We are committed to creating an environment where businesses can thrive, as I emphasised in my inauguration,” Tinubu said in a statement released by his Special Adviser on Information and Strategy, Bayo Onanuga.
“We are building a financial system where investors can freely reinvest and repatriate dividends.”
Tinubu emphasised the importance of private sector partnerships in supporting his government’s reforms aimed at improving Nigeria’s business climate. He also pledged ongoing support for Coca-Cola’s efforts to expand its investment and address environmental issues, such as climate change.
John Murphy noted Coca-Cola’s significant impact in Nigeria, generating ₦320 billion annually from nearly 300,000 customers and contributing almost ₦90 billion in government revenue. “We are proud of the business’s growth and its positive impact on the daily lives of many Nigerians,” he said.
Zoran Bogdanovic, CEO of Coca-Cola Hellenic Bottling Company, attributed the $1 billion investment pledge to the company’s confidence in Nigeria’s economic policies.
“Mr. President, your invitation to foreign investors and assurances of the ease of repatriating dividends give us confidence to continue our investments,” he said. Since 2013, the company has invested $1.5 billion in Nigeria, and with the right conditions, plans to invest another $1 billion over the next five years.