President Bola Tinubu has once again emphasized his administration’s dedication to establishing a strong financial system and fostering a business-friendly environment aimed at attracting increased foreign direct investment. This pledge was made during an event held on Thursday in Abuja, where the Coca-Cola Company unveiled its plans to enhance its investments in Nigeria to the tune of $1 billion over the next five years.
The announcement occurred during a meeting between President Tinubu and the global leadership team of Coca-Cola, which was led by Mr. John Murphy, the President and Chief Financial Officer, alongside Ambassador Segun Apata, the Chairman of the Nigerian Bottling Company.
According to a statement released by Bayo Onanuga, the presidential spokesman, President Tinubu expressed his appreciation for Coca-Cola’s long-standing partnership with Nigeria. He highlighted the company’s significant role in creating investment opportunities that have resulted in employment for over 3,000 individuals across nine production facilities.
During the meeting, President Tinubu reiterated his commitment to a business-friendly climate, referencing his inaugural address where he called for an environment that allows businesses to enter and exit with ease. He articulated his vision for a financial ecosystem that facilitates investment, reinvestment, and the repatriation of dividends, underscoring his strong belief in this principle.
The President also conveyed to the Coca-Cola delegation that partnerships with the private sector, which are crucial for sustaining investments, are at the core of his government’s extensive reforms designed to enhance the business environment. He assured the team that his administration would continue to collaborate with Coca-Cola to expand its investments in Nigeria while also tackling environmental challenges, including those related to climate change.
President Tinubu pointed out the vast potential of Nigeria, noting its significant size in Africa and the ever-growing consumption capacity of its population. He commended Coca-Cola for its commitment to skill development and community initiatives as part of its corporate social responsibility efforts.
In his overview of Coca-Cola’s operations in Nigeria, Mr. Murphy highlighted that the company generates an impressive annual revenue of N320 billion through a customer base of nearly 300,000, contributing approximately N90 billion to the Nigerian government in tax revenues.
He expressed pride in the company’s long-standing growth and its positive impact on the daily lives of many Nigerians. Moreover, he emphasized Coca-Cola’s commitment to community support and sustainability, with a particular focus on water management and packaging solutions in recent years.
Mr. Zoran Bogdanovic, the CEO of Coca-Cola Hellenic Bottling Company, elaborated on the company’s confidence in the Nigerian government’s policies, which have encouraged its $1 billion investment pledge.
He noted that the assurances provided by President Tinubu during his inaugural address—specifically regarding the invitation to foreign investors and the guarantee of repatriating profits—have fostered a sense of confidence in the investment climate. Since 2013, Coca-Cola has invested $1.5 billion in Nigeria, focusing on capacity expansion and the transformation of its supply chain infrastructure.
With a stable and enabling environment anticipated, he announced the intention to invest an additional $1 billion over the next five years, asserting the tremendous potential Nigeria holds and the company’s commitment to working alongside the government to realize that potential.
