Coca-Cola Hellenic Bottling Company has announced its plan to invest $1 billion in Nigeria over the next five years, further expanding its footprint in Africa’s most populous country. This decision was revealed during a meeting between President Bola Tinubu and Coca-Cola’s global leadership team, led by the company’s President and CFO, John Murphy, along with Nigerian Bottling Company Chairman, Ambassador Segun Apata.
Zoran Bogdanovic, CEO of Coca-Cola Hellenic Bottling Company, highlighted Nigeria’s favorable business environment as a key driver of the company’s commitment. He emphasized Coca-Cola’s belief in the country’s vast potential, saying, “Since 2013, we have invested $1.5 billion in Nigeria for capacity expansion, supply chain upgrades, and workforce development. Now, with a stable and predictable environment, we are pledging an additional $1 billion over the next five years. We are confident in Nigeria’s future and eager to partner with the government to realize this potential.”
Bogdanovic praised President Tinubu’s pro-investment stance, particularly his assurance that foreign businesses would be able to repatriate profits and dividends, a factor that strengthens Coca-Cola’s resolve to continue investing.
In response, President Tinubu underscored the importance of private-sector partnerships to Nigeria’s ongoing economic reforms. “Private sector partnerships are essential to my government’s reforms aimed at improving the business environment,” Tinubu said. He assured Coca-Cola that the government would continue to collaborate with the company to address issues like climate change and promote skill development.
“The size of Nigeria and its growing consumption capacity make it a key market in Africa,” Tinubu remarked, lauding Coca-Cola’s long-term commitment to Nigeria, which has led to the creation of over 3,000 jobs across its nine production facilities. He reiterated his administration’s goal to create a business-friendly environment, making it easy for companies to invest and repatriate profits.
John Murphy provided insights into Coca-Cola’s economic contributions, noting that the company generates roughly N320 billion annually through its 300,000 customers in Nigeria and contributes nearly N90 billion in government revenue. Murphy also stressed Coca-Cola’s focus on community support and sustainability efforts, particularly in water conservation and packaging.
Despite previous challenges, including a failed $1 billion investment pledge in 2021 due to an unfavorable business environment, Special Adviser Bayo Onanuga noted that Coca-Cola is now confident about moving forward with its investment under the Tinubu administration’s economic reforms.
This new $1 billion investment reaffirms Coca-Cola’s long-standing commitment to Nigeria, which was previously recognized in 2021 by former Vice President Yemi Osinbajo.
