Coca-Cola to invest US$1bn in Nigeria

Coca-Cola Hellenic Bottling Company has announced plans to invest an additional US$1 billion in Nigeria over the next five (5) years to further capture growth opportunities in the country’s beverage market.

The news was disclosed by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, after a meeting between President Bola Tinubu and senior executives of the soft drinks maker 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.

President Bola Tinubu receives Chief Executive Officer of Coca-Cola Hellenic Bottling Company, Mr Zoran Bogdanovic and President, Coca-Cola Company, Mr John Murphy, at Presidential Villa Abuja on Thursday [Presidency]

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 US$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 US$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. -Business Insider Africa