Coca Cola Is Set To Invest $1 Billion In Naira

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Abuja, Nigeria – President Bola Tinubu has reaffirmed his administration's commitment to creating a robust financial system and fostering a business-friendly environment that will attract more foreign direct investments.

The announcement came on Thursday as The Coca-Cola Company revealed its plans to increase its investments in Nigeria, pledging $1 billion over the next five years. This was disclosed in a statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, following a meeting between Tinubu and Coca-Cola's global leadership team.

The team, led by Coca-Cola President and Chief Financial Officer John Murphy, along with Nigerian Bottling Company Chairman Ambassador Segun Apata, met with the President to discuss the expansion of Coca-Cola's operations in Nigeria.

Tinubu praised Coca-Cola for its long-standing partnership with Nigeria and its efforts to promote investment opportunities that have provided employment to over 3,000 people across nine production facilities in the country.

**"We are business-friendly, and as I said at my inauguration, we must create an environment of easy-in and easy-out for businesses,"** Tinubu said during the meeting. "We are building a financial system where you can invest, re-invest, and repatriate all your dividends. I have a firm belief in that."

The President emphasized the importance of private sector partnerships to sustain investments and noted that these collaborations are crucial to his administration's reforms aimed at improving the business landscape.

Tinubu also committed to continuing the government's partnership with Coca-Cola, especially in addressing environmental challenges, including climate change. "The size of this country is enormous in Africa, and the consumption capacity of Nigeria is expanding daily,"he added.

During the meeting, Murphy provided an overview of Coca-Cola's operations in Nigeria, highlighting that the company generates N320 billion annually from nearly 300,000 customers and contributes about N90 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," Murphy said. "Beyond the financial impacts, we are also very committed to supporting the communities, and over the last number of years, we've had a special focus on sustainability, water packaging, and others."

Zoran Bogdanovic, the CEO of Coca-Cola Hellenic Bottling Company, expressed confidence in Nigeria's future under Tinubu's leadership. "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," Bogdanovic said. "That assurance gives us the confidence to continue our investments.

He further revealed that Coca-Cola had already invested $1.5 billion in Nigeria since 2013 and announced the company's pledge to invest an additional $1 billion over the next five years."We believe Nigeria's potential is tremendous, and we are committed to working with the government to realize this potential," Bogdanovic concluded.