President Bola Tinubu reaffirmed his administration’s commitment to building a strong financial system and fostering a business-friendly environment to attract more foreign investments.
On Thursday in Abuja, Coca-Cola announced plans to increase its investment in Nigeria to $1 billion over the next five years. This was shared by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.
During a meeting with Coca-Cola’s global leadership, Tinubu expressed appreciation for the company’s longstanding partnership with Nigeria. He praised the company for creating jobs for over 3,000 people across nine production facilities.
“We are focused on creating a welcoming environment for businesses to thrive. Our goal is to build a financial system where investors can easily invest, reinvest, and repatriate their earnings,” Tinubu said.
He emphasized that private sector collaboration is crucial to the government’s ongoing reforms aimed at improving the business climate. Tinubu also assured Coca-Cola of continued support to expand its investments in Nigeria and address environmental challenges like climate change.
Tinubu highlighted Nigeria’s large population and growing consumption as key factors that make the country attractive for investment. He also praised Coca-Cola’s efforts in skill development and community initiatives as part of its corporate social responsibility.
John Murphy, Coca-Cola’s President and Chief Financial Officer, shared that the company generates N320 billion annually through nearly 300,000 customers and contributes N90 billion to the Nigerian government. He emphasized Coca-Cola’s commitment to supporting local communities, particularly in areas like sustainability and water management.
Zoran Bogdanovic, CEO of Coca-Cola Hellenic Bottling Company, noted that Nigeria’s government policies have boosted the company’s confidence, leading to the decision to invest $1 billion over the next five years. Bogdanovic acknowledged Tinubu’s inaugural invitation to foreign investors, which reassured Coca-Cola of Nigeria’s potential for growth.
With continued government support and a favorable environment, Coca-Cola remains committed to helping Nigeria reach its full potential.
