Published on 22/09/2024
Coca-Cola Hellenic Bottling Company has unveiled plans to invest an additional $1 billion (N1,639,450,000,000.00) in Nigeria over the next five (5) years.
This significant investment aims to capitalize on growth opportunities in the country’s expanding beverage market.
The announcement was made by Bayo Onanuga, Special Adviser to the President on Information and Strategy, following a meeting between President Bola Tinubu and senior Coca-Cola executives on Thursday.
According to the statement signed by the Special Adviser to the President on Information and Strategy, President Tinubu met John Murphy, president and chief financial officer of Coca‑Cola, Zoran Bogdanovic, CEO of Coca-Cola HBC – one of Coca-Cola’s many bottlers worldwide – and several other company officials.
In the meeting, they discussed robust plans to capture growth in Nigeria through investments in innovation, expansion of the distribution network, placement of cold drink equipment, and augmentation of manufacturing capacity.
Speaking to President Tinubu, Bogdanovic expressed optimism in Nigeria’s economy, saying that Coca-Cola had invested $1.5 billion in Nigeria since 2013 to expand its production capacity, improve its supply chain, and invest in 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 was quoted as saying.
In the signed statement, President Tinubu praised Coca-Cola for its enduring partnership with Nigeria and for creating over 3,000 jobs across its nine production facilities.
He stated that his administration’s extensive reforms were aimed at improving the country’s business landscape and that private-sector partnerships were crucial to the success of this development.
President Tinubu also assured senior executives that his government would continue collaborating with Coca-Cola to expand investments in Nigeria and address environmental issues, including climate change.
“The size of this country is enormous in Africa, and the consumption capacity of Nigeria is expanding daily,” President Tinubu added, commending Coca-Cola for its commitment to scaling up skill development and community initiatives as part of its corporate social responsibility efforts.
Critics are, however, skeptical of the economic policies and reforms being pushed by the current administration, especially since many multinationals like Procter & Gamble, GSK Plc, and Bayer AG have exited the country or changed their business models since the Tinubu regime started.
The investment announced today by Coca‑Cola is expected to catalyse economic growth and create new opportunities for local communities. With a population of more than 200 million, Nigeria is seen as a potential market for many global brands, but forex woes, red tape, and policy inconsistency may discourage some investors.
